XRP Faces Selling Pressure Due to 500,000,000 XRP Tokens Unlock

XRP remains controversial, as many countries and regulators find it difficult to classify and regulate cryptocurrency. Amidst the controversy, XRP also faces more challenges, such as the lawsuit between Ripple and the Securities Exchange Commission (SEC). This controversy and legal case have weakened the confidence of XRP investors.

As of the last few hours, about 500,000,000 XRP had been unlocked from an unknown wallet. While the owner of the wallet in which the transaction took place is unknown, it is worth noting that Ripple once released its escrow account as a part of the progressive monthly allocation. This news has, however, raised another concern, as it is believed that it can weaken the value of XRP.

Key XRP Levels To Watch – May 1

XRPUSD has been bullish since the buy signal of the Moving Average Convergence Divergence (MACD). The buy signal occurred as MACD crossed the zero line on January 12, 2023. However, the bullish trend that ensued in the first stage only lasted for days as XRPUSD collapsed towards the end of January.

About thirty days after the MACD cross, the market resumed its bullish trend again. More bulls stormed the market as the second phase of the bullish trend began. According to the Moving Average, the market is completely dominated by bulls. Following the ongoing retracement into the discount, XRPUSD will likely resume its uptrend.

Ripple Key Levels

Resistance Levels: $0.49400, $0.56000, $0.65800
Support Levels: $0.43300, $0.35400, $0.30000

Total Market Capitalization: $1.17T
XRP Market Capitalization: $23.75B
XRP Volume: $0.91B
Market Rank: #6

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.