Ripple’s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds



Ripple
has
again
raised
concerns
in
the


XRP
community


following
its
recent
XRP
sale.
This
comes
amid


XRP’s
unimpressive
price
action
,
which
continues
to
paint
a
bearish
outlook
for
the
crypto
token. 

Ripple
Sells
150
Million
Tokens


On-chain
data


shows


that
the
crypto
firm
offloaded
150
million
XRP
tokens
($78
million)
on
June
7.
These
tokens
formed
part
of
the
1
billion
XRP
tokens,
which
were
recently
unlocked
as
part
of
its


monthly
escrow
unlock
,
which
is
set
to
continue
until
2027.
As
expected,
this
sale
has
raised
concerns,
considering
the
impact
many
believe
it
could
have
on
the
market. 

How To Get Free Crypto  


Related
Reading


Moreover,
this
sale
follows
Ripple’s
recent
unusual
transactions,
when
the
crypto
firm
moved
3
billion
XRP
tokens
($1.5
billion)
across
different
wallets
in
the
space
of
30
minutes.
However,
crypto
analyst
Michael
Nardolillo


explained


that
those
transactions
were
mainly
internal
movements
and
escrow
re-lockups.  


This
recent
sale
of
$150
million
XRP
tokens
will
again
raise
the
theory
of


price
suppression
by
Ripple
.
While
it
has
been
revealed
that
the
crypto
firm’s
XRP
sales
have
no
impact
on
prices
on
crypto
exchanges,
it
undoubtedly
adds
to
the
bearish
sentiment
that
crypto
investors
already
have
towards
the
token. 


Furthermore,
Ripple’s
XRP
sales
lead
to
a
positive
supply
shock,
with
more
XRP
tokens
being
injected
into
circulation.
Such
development
tends
to
have
a
negative
impact
on
a
crypto’s
price
and
could
lead
to
significant
price
declines. 


It
is
also
worth
mentioning
that
this
sale
comes
at
a
time
when
the
market
sentiment
towards


XRP
is
as
bearish


as
it
can
be.
This
is
partly
thanks
to
the
fact
that
the
crypto
token
remains
one
of
the

Coinbase Banner  


worst-performing
crypto
assets


since
the
year
began,
with
a
year-to-date
(YTD)
loss
of
over
18%. 

XRP
Will
Still
Be
Great


Despite


XRP’s
unimpressive
price
action
,
crypto
analysts
have
continued
to
predict
the
crypto
token
will
still
have
its
moment
when
it
will
experience
that
price
breakout
and
make
a
parabolic
move
to
the
upside.


Crypto
analyst
Javon
Marks


recently
mentioned
that
the
XRP
is
about
to
make
a
name
if
it
hadn’t
already
done
so. 


Related
Reading


He
made
this
statement
while
revealing
that
a
Hidden
Bullish
Divergence
setup
had
formed
on
the
altcoin’s
chart.
He
claimed
that
XRP’s
price
went
up
by
over


63,000%
in
less
than
a
year


the
last
time
this
happened.
He
suggested
that
such
a
move
could
be
on
the
horizon
again
with
XRP
at
its
breaking
point.
Meanwhile,
Crypto
analyst
CryptoBull
also

FreeBitcoin Banner  


recently
predicted


that
the
cryptocurrency
could
enjoy
a
28,900%
rally
and
rise
to
$154. 


At
the
time
of
writing,
XRP
is
trading
at
around
$0.49,
down
over
4%
in
the
last
24
hours,
according
to


data


from
CoinMarketCap. 

Token
price
falls
amid
sell-offs
|
Source:

XRPUSDT
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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