Ripple price attempts comeback as 750m XRP shifts & Larsen continues to sell XRP despite lawsuit
The Whale Alert crypto tracker sounded the alarm after in the last eight hours, Ripple fintech Decacorn made two transactions on the XRP ledger to move a total of 746 million XRP tokens. Meanwhile, the Ripple price has surged to $0.55, showing ambitions to go even higher.
Reason enough to take a closer look at the situation with Ripple and XRP.
Bybit Bitcoin Derivatives TestTrade Bitcoin with up to 100x and secure a sign-up bonus of up to $600.
Sign up for free on Bybit today and Bitcoin Trader secure lucrative bonuses for newly registered users. Try the leading futures platform today! Sign up for free now
Ripple shifts nearly 750 million XRP
According to the latest blockchain data, the cryptocurrency giant has moved the equivalent of $407,204,170 worth of XRP.
The transactions were made between the company’s wallets. In late December 2020, the SEC initiated proceedings against Ripple Labs as it did against its two CEOs (the current and former chief) for selling XRP, calling the native cryptocurrency an „unregistered security“.
However, Ripple co-founder and former CEO Chris Larsen seems to care little about this. For example, the SEC recently presented evidence that he continues to blithely sell XRP despite the lawsuit against him.
But the company’s business is also running at full speed, as it always has. Since the lawsuit, Ripple has signed 15 new contracts with banks and is rumoured to be sending them XRP as part of the deals it has signed. The XRP price is also showing signs of new budding strength. We take a closer look at how these signs are manifesting themselves on the chart below.
Ripple price targets $1
While only negative headlines were circulating around Ripple due to the SEC complaint, a formation seems to have emerged on the chart that is strongly reminiscent of an inverse head-and-shoulders formation. The height of the formation promises a significant upward price movement, should it actually materialise.
At the time of writing, XRP price is trading at $0.55, having encountered resistance at the neckline of the formation. It remains to be seen whether the necessary momentum will develop here to still move the formation to a bullish breakout. For this to happen, the neckline and resistance zone between $0.60 and $0.65 must first be overcome.
However, should a successful breakout occur, this would be good news for XRP holders. The formation height suggests a price target of around $1, which is 83% above the current price level.