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Ripple Puts 100 Million XRP Into A Sinking Market Amidst Recent Crash; Analyst Forecasts A Massive XRP Price Prediction

On Sunday, Ripple sold 100 million tokens despite the crypto market’s downtrend triggered by the escalating tensions between Iran and Israel. This atypical sale raises concerns about the potential repercussions on the token’s price. 

 

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In line with its monthly routine, Ripple released 1 billion XRP from its escrow account on April 1. Among these, 200 million were transferred to its treasury account labeled “Ripple (1).” However, Ripple transferred 100 million XRP to an undisclosed address on Sunday which is typically utilized for its sales. This transaction has carried outside the regular schedule, prompting inquiries regarding the company’s strategic approach.

An XRP sales historical analysis shows a correlation with subsequent price declines. Last year, XRP experienced drops in 6 out of 8 instances following Ripple’s liquidations. Given the availability of 100 million XRP this month and the geopolitical tensions stemming from the Iran-Israel conflict, which are affecting the entire crypto market, investors are apprehensive about additional downward pressure on the price.

Although the crypto market cap has massively declined over the weekend, major cryptos have since recovered some of the losses with XRP currently trading at $0.51.

As the crypto market continues to be volatile, especially with the escalating tension in the Middle East, a popular crypto analyst EGRAG CRYPTO remained optimistic, stating that XRP is set for a bullish rally gaining between 1000% and 3000%.

EGRAG shared a chart on X that illustrates XRP’s trajectory since 2017, contained within a symmetrical triangle. According to the analyst, they successfully forecasted the potential trading range for XRP in the first quarter of 2024. 

In addition, the chart implies that a successful breakout about the triangle pattern could push XRP’s price to $10 or even $20.

In a separate X post, they also rejected the idea of XRP crashing, suggesting instead that it is undergoing a “retest” of the lower band within the Ascending Channel. As the name implies, the Ascending Channel is characterized by a rising channel with multiple bands that establish price levels serving as either resistance or support zones. 

However, despite this optimism, several commenters remained unconvinced, pointing out that XRP has been trapped within a consolidation phase for numerous months. Nevertheless, EGRAG CRYPTO remains undeterred. Asserting that this decline presents a good buying opportunity.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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