Ripple’s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds
June 08 2024 - 11:00AM
NEWSBTC
Ripple has again raised concerns in the XRP community following its
recent XRP sale. This comes amid XRP’s unimpressive price action,
which continues to paint a bearish outlook for the crypto
token. Ripple Sells 150 Million Tokens On-chain data shows
that the crypto firm offloaded 150 million XRP tokens ($78 million)
on June 7. These tokens formed part of the 1 billion XRP tokens,
which were recently unlocked as part of its monthly escrow unlock,
which is set to continue until 2027. As expected, this sale has
raised concerns, considering the impact many believe it could have
on the market. Related Reading: Bitcoin On The Verge As
Global Liquidity Nears New $100 Million ATH Moreover, this sale
follows Ripple’s recent unusual transactions, when the crypto firm
moved 3 billion XRP tokens ($1.5 billion) across different wallets
in the space of 30 minutes. However, crypto analyst Michael
Nardolillo explained that those transactions were mainly internal
movements and escrow re-lockups. This recent sale of
$150 million XRP tokens will again raise the theory of price
suppression by Ripple. While it has been revealed that the crypto
firm’s XRP sales have no impact on prices on crypto exchanges, it
undoubtedly adds to the bearish sentiment that crypto investors
already have towards the token. Furthermore, Ripple’s XRP
sales lead to a positive supply shock, with more XRP tokens being
injected into circulation. Such development tends to have a
negative impact on a crypto’s price and could lead to significant
price declines. It is also worth mentioning that this sale
comes at a time when the market sentiment towards XRP is as bearish
as it can be. This is partly thanks to the fact that the crypto
token remains one of the worst-performing crypto assets since the
year began, with a year-to-date (YTD) loss of over 18%. XRP
Will Still Be Great Despite XRP’s unimpressive price action, crypto
analysts have continued to predict the crypto token will still have
its moment when it will experience that price breakout and make a
parabolic move to the upside. Crypto analyst Javon Marks recently
mentioned that the XRP is about to make a name if it hadn’t already
done so. Related Reading: Is A Bitcoin Crash Below $50,000
Still Possible? Crypto Analyst Shares The Possibilities He made
this statement while revealing that a Hidden Bullish Divergence
setup had formed on the altcoin’s chart. He claimed that XRP’s
price went up by over 63,000% in less than a year the last time
this happened. He suggested that such a move could be on the
horizon again with XRP at its breaking point. Meanwhile, Crypto
analyst CryptoBull also recently predicted that the cryptocurrency
could enjoy a 28,900% rally and rise to $154. At the time of
writing, XRP is trading at around $0.49, down over 4% in the last
24 hours, according to data from CoinMarketCap. Featured
image created with Dall.E, chart from Tradingview.com
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