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- Ripple recent sales of XRP have triggered concerns among investors as the price reacts negatively.
- An analyst expects XRP to recover and make a run to $6 by December, as he spots some similarities between the current trajectory to the one recorded in November 2020.
Ripple’s victory over the US Securities and Exchange Commission has triggered growth in all areas of XRP. Earlier, the price broke key resistance points to reach $0.8 before pulling back to a current price of $0.686905. Simultaneously, Ripple has sold a total of 2.22 billion XRP in the first half of 2023.
Its monthly sales averaged around 315 million XRP, representing a significant surge compared to the 200 million monthly average recorded in the preceding year. Investors are very concerned about the increase in sales, claiming there could be a negative implication on the XRP market performance.
A Twitter account identified as “Mr. Huber” shared this information.
Ripple sold 2.22 billion xrp since 2023 started. That’s about 315 million per month. About 50% more than the usual 200 million in 2022. Now the crying is about to start. But I can reassure you. It is not XRP Tards who have bought these 2.2 billion XRP and XRP has outperformed anyway. No matter what you feel.
Ripple’s decision to sell XRPs has been linked to several reasons including funding its operation and investments, engaging in partnerships, and supporting projects in the ecosystem. Diverse ownership of XRP is expected to create a robust and sustainable market environment. During this period, the asset has recorded a bearish market sentiment and a 5 percent fall in the last 24 hours.
Some XRP Predictions by Analysts
Analysts believe that the XRP price is oversold considering its momentum in the past few weeks. If that is the case, the market could likely bounce back after bears finish selling their profits made in the recent run. A bearish outlook is said to be significant in the short term.
Over the past month and in the year-to-date periods respectively, XRP has retained 41 percent and 103 percent of its valuation. The impact of the court ruling of Judge Analisa Torres is still in effect, and could more likely lead to the price recovery as exchanges make efforts to relist the asset.
According to CoinsKid, an expert technical analyst, XRP could stage a pullback to $0.54, then stage another move up the price curve to hit around $6 by December. His prediction was motivated by the weekly chart of the asset.
According to him, there is a huge similarity between the current trajectory and the one recorded in 2020. In November 2020, it can be recalled that XRP surged by 219 percent to hit $0.7841 from $0.2453.
The journey to this height was full of challenges ranging from intermittent declines and robust resistance. Unfortunately, it could not hold up its price point as the SEC lawsuit against Ripple sent the XRP down the price curve to $0.1729 in December. In April 2021, it staged another comeback to hit $1.9695 after surging by 1,039 percent. Just like the previous runs, the analyst expects potential resistance and some mini declines before rising by 720 percent. Another influencer BitBoy also expects XRP to hit $35.
