Hello Everyone
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We all know we are in a bull market right now from late 2020. #Bitcoin hits new all time highs many times so does other altcoins. There is a coin #XRP Ripple, was ranked 4th in marketcap. Despite this bull run from December 2020, XRP is the one in which we say a major pump and a dip before bull run. This was because of SEC lawsuit on it. If SEC haven't put lawsuit on it, It would have easily past 1$ before bull run started. The price of XRP went from 0.2$ to straight 0.7$ before bull run started, so imagine its price in bull run if it wasn't put under lawsuit, I would say it would have reached between 3-4 $ range. The lawsuit on it made investors trustless on XRP.
Now the currency is having a rollercoaster ride to gain its fame and investors.
McCaleb Sells 38 Million XRP Coins
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Jef McCaleb, the former Co-founder and ripple executive has gained a major attention in crypto market. Jed McCaleb, the crypto billionaire has been selling his crypto asset XRP since December 2020. In this month February, experts have been closely watching his transaction as they say he sold a mamuth 95 million XRP asset worth 56$ million in first week and again on valentine's day, he sold 38 million tokens worth 22 $ million.
According to an analyst who has been closely watching his activities has said Jed is involved in regular dumping through his wallet named Tacostand. Also there is some info that he will be doing the same for future.
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.
Dump or Pump
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We have seen a price surge in XRP's value for last 14 days despite of Jed's continues sell off's. Its price dropped to $0.35 last week and then triggered to $0.65.
According to the recent XRP prediction, if the price manages short term resistance at $0.75, it would easily pass $1. In 2021, we have seen a rise in buying movement in XRP investors. The sudden change in price has made investors to buy more XRP. Also the accounts holding between 1M and 10M have increased rapidly.
Pressure of selling XRP will keep rising in investors, especially because of SEC lawsuit. Also the allegation on it have made some exchanges to delist XRP from their system. In my view, next few weeks will be quite challenging for the XRP, despite its price surge. Although it can turn tables for itself.
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NOTE:- This is not a financial advice, it is only for information purpose.