Mati Greenspan, a former analyst at eToro and founder of Quantum Economics, has explained why Ripple’s XRP was one of the biggest losers in the crypto market in 2019. As CNF
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Ripple (XRP) is in bearish mode and was down 1.93% as seen overnight. Moreover, Ripple has recently freed up over 1 billion XRP tokens coming from two separate escrow wallets. Currently, the crypto trades at $0.38 on the biggest spot exchanges. Ripple has evidently locked over 55% of XRP’s total supply in escrows way back 2017. Analysts believe that its bearish sentiment or weakness is relevant to Bitcoin’s failure to surpass the $24,000 mark as opposed to the controversial unclasping of new tokens that happened recently. In effect, Ripple is trying to restore most of the tokens that they’re sending to escrow. Additionally, unlocking of the new tokens happen every first day of the month and has no effect whatsoever on XRP price. In spite of the misunderstanding, most of these tokens won’t necessarily swamp crypto exchanges. Ripple Sold Over $408 Million Of XRP In Q2 To date, Ripple has sold roughly $408 million of XRP in Q2. The recent success or increase in sales is attributed mainly to On-Demand Liquidity Service picking up steam. Jed McCalbe, Co-Founder of Ripple, has sold the rest of his XRP tokens the previous month which means his letting go of XRP and won’t be able to support or add to Ripple’s selling momentum. According to CoinMarketCap, as of press time, XRP’s total circulating supply is at 48.3 billion tokens. On July 30, XRP price has skyrocketed by 13% on July 30 and held on to the liquidity that snuggled right above the highs spotted at $0.387. The recent upturn was exceptional but fell short in terms of momentum. In effect, XRP price ducked and splitting gains. Further Downtrend Looms For XRP The four-hour candlestick was seen to close just below the support zone of $0.381 which indicates further downturn. In any case, investors should foresee XRP price to reopen at the support level of $0.340. On the flip side, if XRP price can stay afloat or above $0.381, then that validates this position as a support level. Further, this also rescinds the bearish perspective. When this happens, the XRP price can potentially pave the way to revisit the resistance zone spotted at $0.439. On June 22, Ripple Labs announced the launch of their new office in Toronto, Canada plus plans on hiring initially around 50 engineers with plans to hire 100 to 200 staff down the line. Brad Garlinghouse, Ripple Labs CEO, was ecstatic as seen in the video posted on Ripple’s Twitter page, describing Toronta as a hub for “excellent engineering talent.” XRP total market cap at $17.7 billion on the weekly chart | Source: TradingView.com Featured image from Ripple Coin News, chart from TradingView.com
XRP has won their right to retain their Amici status, this is a major relief to XRP holders. Judge Torres has denied SEC’s motion to revoke the amici status. Apart from that, Judge Torres has also barred attorney John E Deaton from further proceedings. According to the letter, “Amici can’t participate in the expert challenge […]
Ripple co-founder Jed McCaleb has finally unloaded his XRP on the market. McCaleb has been dumping the cryptocurrency since 2014 when he obtained 9 billion as compensation for his work in the payment company. Related Reading | Bitcoin Is ‘Here to Stay,’ Ex-BlackRock Investment Adviser Says – Better Than Gold? McCaleb parted ways with Ripple in […]
Ripple Labs co-founder Jed McCaleb realized at least $3.14 billion in gains from the sale of 5.7 billion XRP tokens over the last eight years, according to crypto tracking tool Whale Alert.
The post Ripple Founder Jed McCaleb Pocketed $3.1B in ‘Mind Blowing’ Gains From XRP Sales appeared first on BeInCrypto.
The legal dispute between the U.S. Securities and Exchange Commission and Ripple Labs Inc., an innovator in blockchain technology based in San Francisco, continues to witness new twists and turns. Just last week, Ripple’s attorney John E. Deaton submitted a petition to reject the regulator’s attempts to seal the company’s rebuttal to the Amici Curiae. […]
Ripple, a prominent provider of blockchain and cryptocurrency solutions, announced on Thursday the opening of a new office in Canada. In the face of the ongoing massive selloff and job cuts in the cryptocurrency market, the San Francisco-based crypto startup is still eyeing expansion, unfazed by the instability. Ripple plans to employ 50 engineers for […]
As the Ripple community braces for the major ruling on the key judgement on the Hinman 2018 documents, Ripple Labs has scored another victory as presiding judge Analisa Torres denied the SEC’s petition to seal its objection to Amici participation. According to a tweet posted by defense lawyer James Filan, Torres has rejected the SEC’s request to seal the case […]
Ripple, the crypto solutions company shall commit $100M for the goal of carbon removal by investing in climate oriented fintech companies. The blockchain-based payments network has aimed to facilitate the acceleration of carbon removal technology in order to bring about modernization of the carbon markets. Carbon markets will let companies and individuals trade carbon credits […]
David Schwartz, CTO at payment solution company Ripple, weighted in on Elon Musk’s attempts to buy Twitter. The CEO at Tesla made a bid to take over the social media platform valued at over $40 billion. Related Reading | Ripple Distributes 1 Billion XRP In Developer Grants, As Chief Developer Resigns Musk argues, amongst other things, […]
