The US-based popular crypto-firm, Ripple Lab Inc., has become the talk of the crypto community in the past few weeks because of the uncertainty surrounding XRP, the company’s native currency. The XRP team is under the scrutiny of the Securities and Exchange Commission, and on the other hand, the token is enjoying a slow surge in its value. The currency is surfing on a roller coaster ride as it is striving to sustain its lost market presence, which made investors lose trust in it.
Ripple Co-Founder Sells 38 Million Coins
Talking about the past few weeks, the decisions taken by Jed McCaleb, the former Co-Founder and Ripple Executive have garnered a lot of attention in the crypto clan. The crypto billionaire has been on a selling spree of his XRP tokens ever since December 2020, and each sale has been closely monitored by the experts.
The month of February has witnessed a chain of sell-offs from Jed as he sold a whopping 95 million XRP assets worth $56 Million during the first week and 38 Million XRP worth $22 Million on February 14, Valentine’s Day. The analysts who have been keeping an eye on Jed’s transactions have revealed that he has been involved in regular dumping through his wallet named Tacostand. There have been affirmations that McCaleb will continue the selling in the coming weeks as well.
Leonidas Hadjiloizou, a crypto analyst, has stated that Jed will be dumping 38,345,406.53 XRP regularly for the whole week. This will involve the sale off of nearly 268 Million XRP worth $166 Million in a week. The ongoing dumping of XRP at the current rate will dispose of Jade’s entire cluster of 2.896 Billion XRP by May easily. The sales executed by McCaleb have been directly influenced by Ripple Lab’s continuous struggle with the U.S regulators.
Can XRP face further price fall?
The XRP price value has been on a surge for the past fourteen days of February alongside McCaleb’s sales continuously. The trading trend has yielded a positive return for the popular cross-border currency. Its price dropped to $0.35 last week, and the weekend triggered a rise in its price, making it roll at $0.65 in the domain.
As per the recent XRP price prediction, if the currency manages to have the short-term resistance at $0.75, it can spring to $1 quickly. The start of 2021 has seen a rise in the buying momentum of XRP investors. The sudden rise in the token price value has made traders fill their accounts with XRP in surprising figures. The accounts holding XRP between 1M and 10M have increased steadily, furthering the token’s expansion to the set trends.
Ripple’s selling pressure will continue to increase, especially because of the regulatory complications hovering over it. The SEC allegations have caused some exchanges to delist XRP from their ecosystems. The coming weeks will be quite challenging for XRP though, with its surging price, it can turn the tables for itself.