Ripple once again raised concerns. XRP Community After the recent XRP sale. It comes in the middle of this XRP’s unimpressive price actionThis continues to paint a bearish outlook for cryptocurrency tokens.
Ripple sells 150 million tokens
On-chain data show The cryptocurrency company offloaded 150 million XRP tokens (worth $78 million) on June 7. These tokens formed part of the 1 billion XRP tokens and the recently unlocked Monthly Escrow UnlockThis is scheduled to continue until 2027. As expected, the sale has raised concerns considering the impact it could have on the market.
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Moreover, the sale follows Ripple’s recent unusual transaction in which the cryptocurrency company moved 3 billion XRP tokens ($1.5 billion) to multiple wallets in 30 minutes. However, cryptocurrency analyst Michael Nardolillo said: explained These transactions were primarily internal movements and escrow relocks.
The recent $150 million XRP token sale would once again raise the theory that: Price suppression by Ripple. While the cryptocurrency company’s XRP sale was found to have no impact on prices on cryptocurrency exchanges, it undoubtedly adds to the bearish sentiment that cryptocurrency investors already have towards the token.
Additionally, Ripple’s XRP sales lead to a positive supply shock as more XRP tokens are in circulation. These developments tend to have a negative impact on cryptocurrency prices and can lead to significant price declines.
This sale is due to market sentiment XRP is falling As much as possible. This is partly thanks to the fact that the cryptocurrency token remains one of the few crypto tokens out there. Worst performing cryptocurrency assets Year to date (YTD) it has lost over 18%.
XRP will still be great
Despite XRP’s unimpressive price actionCryptocurrency analysts have continued to predict that cryptocurrency tokens will still experience price breakouts and have moments of going parabolic on the upside. Cryptocurrency analyst Javon Marks Recently, it was mentioned that XRP will soon make a name for itself if it hasn’t already.
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He made this statement while revealing that a Hidden Bullish Divergence setup had formed on the altcoin charts. He claimed that the price of XRP has been rising for over a year. 63,000% increase in less than 1 year This happened last time. He suggested that such a move could occur again as XRP reaches its breaking point. Meanwhile, cryptocurrency analyst CryptoBull also Recently predicted The cryptocurrency could rise by 28,900% to $154.
As of this writing, XRP is reportedly trading at around $0.49, down more than 4% in the last 24 hours. data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com