Ripple moved 500 million XRP, which is worth about $ 1.1 billion and made a fresh speculation in the encryption space.
On May 2, the transmission of the blockchain monitoring service whale warning was initially speculated about a large dump. However, the chain data indicates that it is not a transfer to an external wallet, but a part of the unlocking of Ripple’s monthly escrow.
Thanks to the company’s rescue release mechanism, ESCROW can sell up to 1 billion XRPs per month. Unused tokens are usually returned to escrow to reduce supply and market volatility.
Ripple sent 500 million to an internal wallet and quickly reconstructed it while the 1 billion XRP was unlocked. Another 200 million XRP, which seems to be in Ripple’s operating wallet, has also been disguised in two separate transactions. This movement helped to calm the fear of major dumps, and Ripple signaled that there was no plans to flood on the market with additional supply.
In the press time, XRP is traded near $ 2.21 and seems to be integrated just below the critical resistance zone for $ 2.30. The 20 -day index moving average of $ 2.17 and 50 days EMA $ 2.20 supports the price of a daily chart, indicating that there is still a short -term strong structure.
But the amount of exercise is still lacking. The gauge trend strength is only 12.7 and the relative strength index is neutral at 53. The lack of conviction between traders is displayed as a oscillator such as neutral or slightly optimistic average convergence and probability.
The XRP can be promoted to a $ 2.50 area if the bull raises the level of $ 2.30 resistance. However, if the price is less than $ 2.16 and the 50 -day EMA, the decrease to $ 2.05 or $ 2.00 is higher. A flat volume indicates that the trader can move until it receives a clearer signal.
Beyond the chart, XRP faces some big picture problems. The Securities and Exchange Commission recently pushed the deadline in mid -June by delaying the decision of the XRP ETF proposed by Franklin Templeton. This measure has added some uncertainty to the short -term or mid -term prospects of the token.
Ripple, meanwhile, continues to push growth. Last year, after launching RLUSD Stablecoin, the company said it bid $ 5 billion to acquire Circle, the publisher of USD Coin (USDC). Although the circle refused it, the movement shows Ripple’s decision to raise the existence in the stablecoin space.
All eyes are now $ 2.30. The clean rest of the stomach can bring fresh momentum, but if you do not, it can lead to short -term fullback.