XRP In Bearish Mode As Ripple Unlatches 1 Billion Tokens From 2 Wallets

As of overnight, Ripple (XRP), is currently in bearish mode. It was down by 1.93%. Ripple recently released over 1,000,000 XRP tokens from 2 separate escrow accounts. Today, crypto trades are available at $0.38 on some of the most popular 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. The unlocking of new tokens occurs every other day and does not affect the price of XRP. In spite of the misunderstanding, most of these tokens won’t necessarily swamp crypto exchanges.

Ripple Sells Over $408,000,000 Of XRP In Quarter 2

Ripple sold approximately $408 million worth of XRP during Q2 to date. On-Demand Liquidity Service’s rapid growth is responsible for the recent successes or rise in sales.

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.

The July 30th XRP Price has risen by 13% and has held the liquidity which is just above the $0.387 highs.  Although the recent rally was remarkable, momentum was not there. In reality, XRP prices plummeted and split gains.

Further downtrend for XRP

Four-hour candles closed below the $0.381 support zone, which signals further downwards. Investors should expect XRP to reopen at $0.340 in any event.

The flipside is that if XRP prices can remain afloat above $0.381, this validates the position as a support. This also discredits the bearish outlook. The XRP price could be used to retrace the $0.439.

Ripple Labs launched their Toronto office on June 22nd. The company plans to initially hire 50 engineers and will then expand to hiring 100 to 200 employees.  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.”

The total market value of XRP is $17.7B on the weekly chart. Source: TradingView.com| Source: TradingView.com

Featured image taken from Ripple News. Chart by TradingView.com

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