As a crypto investor with some experience in the market, I’ve seen my fair share of ups and downs when it comes to XRP. The recent sale of XRP tokens by Ripple, amounting to $75 million, is causing some concern among investors. With this sale representing around 0.25% of XRP’s total market capitalization, it could potentially add inflationary pressure and downward pressure on the price in the short term.
As a researcher examining the cryptocurrency market, I’ve come across an interesting development regarding Ripple, the company known for holding the largest reserves of XRP. On May 13, they conducted a sale of 150 million XRP tokens, amounting to approximately $75 million. This transaction represents roughly 0.25% of XRP’s current total market capitalization, which hovers around $28 billion.
In the first part of the month, Ripple unfroze and sold 1 billion XRP that had been held in monthly escrows since 2027. Concurrently, they moved 200 million XRP to their treasury account, while the remaining 800 million were placed back into new escrow agreements.
According to Finbold’s initial report, the sale was carried out using Ripple’s designated account “Ripple (1)” on the XRP Ledger explorer XRPScan. This transaction transferred tokens to an unmarked account named “rP4X2…sKxv3.”
Through this procedure, an estimated 50 million new XRP were transferred into circulation, which could increase inflationary pressure and raise XRP’s annual inflation rate beyond 4%. Following Ripple’s action, the recipient account retained a balance of 50 million XRP while distributing another 100 million tokens to an address linked to their market sales.
If this trend continues, introducing an extra 150 million XRP into the market could potentially lead to a decrease in XRP’s price. Currently, each XRP token is valued at approximately $0.5 following a nearly 5% decline over the last week due to a broader cryptocurrency market adjustment.
A cryptocurrency analyst has indicated that XRP‘s price might experience a notable surge based on the technical pattern visible on its weekly chart. This expert identified a symmetrical triangle formation in XRP’s price action, suggesting an imminent breakout.
As a researcher studying the cryptocurrency market trends, I’ve observed that XRP‘s price has been confined within a triangle pattern for quite some time now. This triangle represents an ongoing battle between buyers and sellers attempting to gain control of the asset’s price direction. Should XRP manage to breach this triangle, we could expect a substantial upward movement in its value.
If a price breakout occurs from the symmetrical triangle pattern as per Carter’s analysis, we can expect an initial rise in XRP‘s value towards $0.93. This level was previously reached by XRP in July 2023 following a favorable turn of events in its ongoing legal dispute with the Securities and Exchange Commission (SEC).
Carter is convinced that XRP can rise above the existing resistance point and hit a more lofty intermediate goal of $1.68. This would equate to a substantial gain of approximately 200% compared to its present value.
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2024-05-15 03:30