Ripple offloads nearly $200m in XRP; will this thwart its growing signs of bullishness? 🚨 This article is 5 years old...
Ripple offloads nearly $200m in XRP; will this thwart its growing signs of bullishness?
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Updated: Feb. 6, 2020 at 11:04 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
XRP has seen some decent bullishness over the past several days, which has allowed the cryptocurrency to secure what appears to be a strong foothold within the mid-$0.20 region.
This bullishness has come about in the face of turbulence within the aggregated crypto markets, with Bitcoin struggling to break through the intense resistance that exists between $9,500 and $9,600.
Although XRP’s market structure appears to be highly bullish at the moment, it is important to note that Ripple – the San Francisco-based FinTech company with close ties to XRP – recently received nearly $200 million worth of tokens from their escrow account, meaning that the crypto may soon see a strong selloff.
XRP’s technical situation grows bullish as it continues inching higher
At the time of writing, XRP is trading up just under one percent at its current price of $0.255, which marks a notable climb from its daily lows of roughly $0.24 that was set around this time yesterday.
It is important to note that XRP has been outperforming Bitcoin over the past 24-hours, and the cryptocurrency appears to be shaping up to see significant further upside in the near-term.
CryptoBirb, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he is more bullish on XRP than he has ever been before, noting that there are a few key factors that warrant his bullishness.
“First time ever I am bullish on XRP in my entire career. Here’s why: – 7-month consolidation – price action near range lows – solid HTF bullish momentum divergence – major altcoin sleeping giants slowly awaking – might be good addition for steady long-term growth.”
Could Ripple single-handedly thwart this bullish market structure?
Many analysts and investors alike have attributed much of XRP’s bearishness in 2019 to Ripple’s quarterly token sales.
It is possible that the company will continue providing a steady stream of selling pressure on the token, as they just unlocked nearly $200 million worth of XRP that could soon be sold on the open markets.
Jacob Canfield – another prominent cryptocurrency analyst on Twitter – spoke about this latest escrow unlock, noting that the two consecutive escrow transfers total at 700 million XRP worth roughly $178 million.
This latest escrow unlock could be a test of buyer’s strength, as sustained upward momentum could signal that the crypto will see significant further gains in spite of Ripple’s quarterly token sales.
XRP Market Data
At the time of press 11:04 am UTC on Feb. 6, 2020, XRP is ranked #3 by market cap and the price is up 2.26% over the past 24 hours. XRP has a market capitalization of $12.26 billion with a 24-hour trading volume of $2.9 billion. Learn more about XRP ›
Crypto Market Summary
At the time of press 11:04 am UTC on Feb. 6, 2020, the total crypto market is valued at at $274.07 billion with a 24-hour volume of $140.4 billion. Bitcoin dominance is currently at 64.12%. Learn more about the crypto market ›
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Jacob Canfield is recognized for his expertise in trading and his entrepreneurial acumen, with a rich background as an Army veteran and a record of successful business ventures across various sectors.