Ripple has reiterated concerns in XRP community following the recent sale of XRP. It comes in the midst Not very impressive XRP price actionwhich continues to paint a bearish outlook for the crypto token.
Ripple sells 150 million tokens
Data on the chain to introduce that the crypto company offloaded 150 million XRP tokens ($78 million) on June 7. These tokens were part of the 1 billion XRP tokens that were recently unlocked within it monthly deposit unlockingwhich is expected to last until 2027. As expected, this sale has raised concerns given the impact many believe it could have on the market.
Moreover, this sale follows Ripple’s recent unusual transactions, when the crypto firm moved 3 billion XRP tokens ($1.5 billion) to various wallets within 30 minutes. However, cryptocurrency analyst Michael Nardolillo explained that these transactions mainly consisted of internal movements and the re-closing of deposits.
This recent sale of $150 million worth of XRP tokens will raise the theory again price suppression by Ripple. While it has been revealed that the crypto company’s XRP sale has no impact on prices on cryptocurrency exchanges, it undoubtedly adds to the bearish sentiment that cryptocurrency investors already have towards the token.
Moreover, Ripple’s sale of XRP leads to a positive supply shock, resulting in more XRP tokens entering circulation. Such developments usually have a negative impact on the price of the cryptocurrency and can lead to significant price drops.
It is also worth mentioning that this sale comes at a time when there is sentiment in the market XRP is equally bearish as possible. This is partly due to the fact that the crypto token remains one of worst performing crypto assets year-to-date, with a year-to-date (YTD) loss of over 18%.
XRP will continue to be great
Despite Not very impressive XRP price actionCryptocurrency analysts continue to predict that the crypto token will continue to have its moment where it will experience a price breakout and make a parabolic upward move. Crypto analyst Javon Marks I recently mentioned that XRP will soon make a name for itself if it hasn’t already.
He made this statement while revealing that a Hidden Bullish Divergence setup has formed on the altcoin’s chart. He claimed that the price of XRP has increased beyond 63,000% in less than a year this happened last time. He suggested that such a move could be on the horizon again as XRP is at a tipping point. Meanwhile, so does Crypto Analyst CryptoBull recently predicted that the cryptocurrency could enjoy an raise of 28,900% and soar to $154.
According to the data, at the time of writing, XRP is trading at around $0.49, down over 4% in the last 24 hours. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
