Market
Ripple’s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds
Ripple has again raised concerns in the XRP community following its recent XRP sale. This comes amid XRP’s unimpressive price action, which continues to paint a bearish outlook for the crypto token.
Ripple Sells 150 Million Tokens
On-chain data shows that the crypto firm offloaded 150 million XRP tokens ($78 million) on June 7. These tokens formed part of the 1 billion XRP tokens, which were recently unlocked as part of its monthly escrow unlock, which is set to continue until 2027. As expected, this sale has raised concerns, considering the impact many believe it could have on the market.
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Moreover, this sale follows Ripple’s recent unusual transactions, when the crypto firm moved 3 billion XRP tokens ($1.5 billion) across different wallets in the space of 30 minutes. However, crypto analyst Michael Nardolillo explained that those transactions were mainly internal movements and escrow re-lockups.
This recent sale of $150 million XRP tokens will again raise the theory of price suppression by Ripple. While it has been revealed that the crypto firm’s XRP sales have no impact on prices on crypto exchanges, it undoubtedly adds to the bearish sentiment that crypto investors already have towards the token.
Furthermore, Ripple’s XRP sales lead to a positive supply shock, with more XRP tokens being injected into circulation. Such development tends to have a negative impact on a crypto’s price and could lead to significant price declines.
It is also worth mentioning that this sale comes at a time when the market sentiment towards XRP is as bearish as it can be. This is partly thanks to the fact that the crypto token remains one of the worst-performing crypto assets since the year began, with a year-to-date (YTD) loss of over 18%.
XRP Will Still Be Great
Despite XRP’s unimpressive price action, crypto analysts have continued to predict the crypto token will still have its moment when it will experience that price breakout and make a parabolic move to the upside. Crypto analyst Javon Marks recently mentioned that the XRP is about to make a name if it hadn’t already done so.
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He made this statement while revealing that a Hidden Bullish Divergence setup had formed on the altcoin’s chart. He claimed that XRP’s price went up by over 63,000% in less than a year the last time this happened. He suggested that such a move could be on the horizon again with XRP at its breaking point. Meanwhile, Crypto analyst CryptoBull also recently predicted that the cryptocurrency could enjoy a 28,900% rally and rise to $154.
At the time of writing, XRP is trading at around $0.49, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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