XRP/USD Price Analysis — February 17

Updated:

The ongoing SEC vs. Ripple debacle has sown a seed of mistrust in the hearts of many investors against holding XRP.

Ripple’s former CTO, and co-founder, Jed McCaleb, is leading the charge and has been offloading his Ripple (XRP) holding at a steady rate.

McCaleb, alongside Chris Larsen and Brad Garlinghouse, co-created and founded Ripple Labs in 2012. After leaving Ripple, McCaleb developed the now-defunct Bitcoin exchange Mt. Gox and the Stellar Development Foundation, which hosts the budding cryptocurrency Lumen (XLM).

The programmer left XRP with about 9 billion XRP tokens, of which more than 6 billion have already gotten sold. Although the former Ripple executive is free to do whatever he likes with his XRP holding, a strict agreement on how much XRP he could sell a day was penned-down, to safeguard XRP’s price in the market from the effects of a significant dump.

Recent data shows that McCaleb has been on an XRP selling spree for a while now. Since the start of February, McCaleb has sold 95 million XRP, worth about $56 million. On Valentine’s day, the XLM co-founder dumped a whopping 38 million XRP worth about $22 million. Market analyst Leonidas Hadjiloizou noted that McCaleb’s XRP sales are not likely to slow down anytime soon.

The analyst said that “Jed will be selling 38,345,406.53 XRP per day this week. This amounts to roughly 268M XRP or $166M at current prices in 1 week. At this rate, his 2.896B XRP would run out by May. At half that rate (19M per day), he would run out by mid-July. At 10M per day by the end of the year.”

XRPUSD – 4-Hour Chart

Key XRP Levels to Watch — February 17

The XRP is currently on a bearish roll, following the recent development surrounding the SEC saga. The cryptocurrency got heavily rejected at the $0.6374 resistance, which triggered a correction to the upward-facing trendline. However, XRP has broken through the trendline and appears to be going for the $0.4524 support.

That said, the sixth-largest cryptocurrency could find decent support at the $0.5000 psychological support, which could help it stage a rebound to the $0.6000 area. The failure of bulls to defend the $0.5000 line could precipitate further declines for Ripple, over the coming hours.

Meanwhile, our key resistance levels are at $0.6374, $0.6660, and $0.7800. While our key support levels are at $0.5000, $0.4524, and $0.3838.

Total Market Capitalization: $1.48 trillion

XRP Market Capitalization: $45.4 billion

XRP Dominance: 3.06%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.