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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

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

Scott Matherson
Scott Matherson
11 months ago
3 mins read
XRP Ripple

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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. 

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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 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. 

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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 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. 

XRP price chart from Tradingview.com
Token price falls amid sell-offs | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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