XRP In Bearish Mode As Ripple Unlatches 1 Billion Tokens From 2 Wallets
03 August 2022 - 3:30AM
NEWSBTC
Ripple (XRP) is in bearish mode and was down 1.93% as seen
overnight. Moreover, Ripple has recently freed up over 1 billion
XRP tokens coming from two separate escrow wallets. Currently, the
crypto trades at $0.38 on the biggest spot exchanges. Ripple has
evidently locked over 55% of XRP’s total supply in escrows way back
2017. Analysts believe that its bearish sentiment or weakness is
relevant to Bitcoin’s failure to surpass the $24,000 mark as
opposed to the controversial unclasping of new tokens that happened
recently. In effect, Ripple is trying to restore most of the tokens
that they’re sending to escrow. Additionally, unlocking of the new
tokens happen every first day of the month and has no effect
whatsoever on XRP price. In spite of the misunderstanding, most of
these tokens won’t necessarily swamp crypto exchanges. Ripple Sold
Over $408 Million Of XRP In Q2 To date, Ripple has sold roughly
$408 million of XRP in Q2. The recent success or increase in sales
is attributed mainly to On-Demand Liquidity Service picking up
steam. Jed McCalbe, Co-Founder of Ripple, has sold the rest of his
XRP tokens the previous month which means his letting go of XRP and
won’t be able to support or add to Ripple’s selling momentum.
According to CoinMarketCap, as of press time, XRP’s total
circulating supply is at 48.3 billion tokens. On July 30, XRP price
has skyrocketed by 13% on July 30 and held on to the liquidity that
snuggled right above the highs spotted at $0.387. The recent
upturn was exceptional but fell short in terms of momentum. In
effect, XRP price ducked and splitting gains. Further Downtrend
Looms For XRP The four-hour candlestick was seen to close just
below the support zone of $0.381 which indicates further downturn.
In any case, investors should foresee XRP price to reopen at the
support level of $0.340. On the flip side, if XRP price can stay
afloat or above $0.381, then that validates this position as a
support level. Further, this also rescinds the bearish perspective.
When this happens, the XRP price can potentially pave the way to
revisit the resistance zone spotted at $0.439. On June 22, Ripple
Labs announced the launch of their new office in Toronto, Canada
plus plans on hiring initially around 50 engineers with plans to
hire 100 to 200 staff down the line. Brad Garlinghouse,
Ripple Labs CEO, was ecstatic as seen in the video posted on
Ripple’s Twitter page, describing Toronta as a hub for “excellent
engineering talent.” XRP total market cap at $17.7 billion on the
weekly chart | Source: TradingView.com Featured image from Ripple
Coin News, chart from TradingView.com
Amp (COIN:AMPUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amp (COIN:AMPUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024
Real-Time news about Amp (Cryptocurrency): 0 recent articles
More Amp News Articles