Ripple to Sell $500 Million Worth of $XRP, Triggers Panic Selling
The latest news around $XRP Cryptocurrency is causing significant fear among the $XRP coin traders.
The current trade price of $XRP coin is $2.36 & this price level is 230% higher over the last 30 days of the period. Notably, in the last 24 hours, the trade price of this Cryptocurrency crashed from $2.48 to $2.31, which means a net -6%+ drop in the trade price.
Last week we reported that XRP was standing at 3rd ranking in this crypto space, just after Bitcoin & Ethereum blockchains, but now the struggling phase of this Cryptocurrency is visible enough.
The current market cap of this Cryptocurrency is $134.23 billion, with 4th rank, after Tether (USDT) stablecoin.
Now, it will be interesting to see how the price level of this Cryptocurrency will struggle in the coming days, despite the fact that it recovered from the sudden crash.
In the latest development, San Francisco headquartered blockchain firm Ripple has moved its entire December reserves of 200 million XRP, worth $500 million
However XRP recovered from the crash. This is increasing the sell pressure & experts believe that it could also impact the recovery phase and further price appreciation.
According to experts’ analysis, the trade price of $XRP coin may hit the $2.91 price level easily & a minimum of $2.08.
Analysts noted that crypto traders need to remain aware of $XRP’s strong buy wall of $2.2; if this wall breaks, then fear will be at the top level, so crypto traders should exercise vigilance in this uncertain phase.
Ripple stablecoin
Ripple CEO Brad Garlinghouse confirmed the approval of Ripple stablecoin ($RLUSD) from the NewYork financial regulatory body.
Garlinghouse predicted that stablecoin could reach a $2 trillion market capitalization by 2028. Ripple president Monica Long has described the stablecoin as complementary to $XRP Cryptocurrency & Ripple’s CEO confirmed that Ripple will focus on institutional clients.
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