XRP Price Prediction: $0.52 Pivot Point Amid Largest Token Sale Since 2017

In a significant market move, Ripple plans to sell 400 million XRP in June 2024, marking the largest token sale since 2017.

This decision comes amid increased market volatility, sparking intense reactions from investors. Ripple’s recent unlocking of a billion XRP, valued at $520 million, through the XRP Ledger’s escrow system, has further intensified market speculation.

Implications of the Token Sale

Ripple typically transfers 200 million XRP to its treasury each month. However, this time, an additional 200 million XRP was added by a dormant account known as ‘Ripple (35)’ to ‘Ripple (1)’, suggesting a larger sale.

David Schwartz, CTO of Ripple, stated this sale is a strategic move to manage Ripple’s substantial XRP holdings, support ongoing operations, and stabilize the market by preventing sharp devaluation.

Transparency and Market Impact

Since 2017, Ripple has reserved up to 350 million XRP monthly for sales. In 2024, monthly sales varied between 200 and 260 million XRP. If the planned sale proceeds, it could create market turbulence.

All transactions are transparent and verifiable on the blockchain via XRP scanning. Ripple currently holds 4.8 billion XRP in its portfolio and 40.1 billion in escrow, with releases scheduled over a 42-month period to maintain investor confidence.

XRP Price Forecast: Downward Channel In-Play

XRP/USD is currently trading at $0.5217, indicating a potential bullish trend. The pivot point at $0.5215 serves as a critical support level. Immediate resistance is observed at $0.5230, followed by $0.5288 and $0.5344. On the downside, support levels are at $0.5162, $0.5113, and $0.5030.

• Pivot Point: $0.5215
• Immediate Resistance: $0.5230
• Next Resistance: $0.5288
• Immediate Support: $0.5162

The Relative Strength Index (RSI) stands at 53.34, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) is at $0.5217, acting as resistance. A downward channel is extending resistance around $0.5230. A breakout above this level can expose XRP to higher targets.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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