Ripple Plummets Amid Former Executive’s Selling Spree

Ripple Plummets Amid Former Executive’s Selling Spree

Many Ripple (XRP) enthusiasts are familiar with the monthly XRP escrow release. The XRP escrow got designed to integrate predictability and stability to XRP. Meanwhile, a part of this monthly supply gets directed to former Ripple executive Jed McCaleb.

However, instead of holding his newly-minted coins, McCaleb eagerly dumps his holdings into the market. Recent data shows that the former Ripple CTO sold over 150 million XRP (~$98 million) within the past three weeks alone. XRPScan revealed that McCaleb became more consistent in selling his XRP holdings over the past few weeks and has sold about 10 million XRP every day since he received his monthly supply from Ripple escrow. Currently, his wallet, labeled “Tacostand,” holds 590 million XRP.

Coupled with the recent market bias and volatility in June, McCaleb’s selling spree pushed the price of XRP below the $1 mark. At press time, XRP trades near the $0.6000 price mark as selling pressure mounts on the cryptocurrency.

That said, the Ripple community blames McCaleb for the current poor performance of XRP and expects the price to bounce back once he exhausts his holdings. However, with his current wallet balance, the former Ripple executive’s selling spree could persist till the end of August.

Key Ripple Levels to Watch — July 14

After consolidation between the $0.6500 – $0.6000 range for the past six days, Ripple appears to have broken below this range as selling pressure in the broader crypto market increases. XRP needs to climb back above the $0.6000 psychological line over the coming hours or risk falling to the $0.5500 support.

XRPUSD – 4-Hour Chart

Nonetheless, the overall market bias is overwhelmingly bearish despite the low trading volume. XRP bulls will have a tough time defending the $0.6000 given the current market conditions. However, a successful defense of this line could help XRP climb above the bearish channel and the $0.6500 level over the coming days.

Meanwhile, our resistance levels are $0.6200, $0.6500, and $0.7000, and our support levels are $0.5500, $0.5200, and $0.5000.

Total Market Capitalization: $1.30 trillion

Ripple Market Capitalization: $27.5 billion

Ripple Dominance: 2.13%

Market Rank: #6

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.