The massive hype surrounding Ripple and XRP throughout 2017 created a huge community that continued into 2018 and 2019. This community of investors seems to be disappearing more and more recently.
Interest in Ripple and Bitcoin Up has been dented somewhat since 2017 as the lack of significant banking partnerships and adoption has slowed cryptocurrency growth. Nevertheless, it is still one of the largest cryptocurrencies by market capitalization. Many investors are still holding onto their coins in the hope that the price will rise in the future.
One short-term event that could put some pressure on Ripple and XRP is a $ 115 million transaction by Chris Larsen, a former Ripple executive. Some from the community now fear further selling pressure from selling the tokens via OTC trading.
XRP price stuck at $ 0.23
The XRP price has struggled to develop significant momentum in the past few days and weeks and has since stagnated in the mid-range of $ 0.20.
At the time of this writing, Ripple’s XRP is currently trading at $ 0.23. This roughly corresponds to the price at which it has been traded in the last few days and weeks.
At the height of the recent uptrend of the entire crypto market, the XRP price could soar to $ 0.32 before it was again exposed to massive selling pressure and had to give way. One trend that could bolster XRP in the near future is the secondary market where Ripple is making purchases. The company spoke about this in its Q2 2020 update, saying:
A healthy, orderly XRP market is required to minimize costs and risks for customers, and Ripple plays a responsible role in the liquidity process … That being said, Ripple was a buyer in the secondary market and may continue to buy at market prices in the future.
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Ripple Co-Founder Moves $ 115M to XRP
According to a recent tweet from wallet tracking platform Whale Alert, Ripple co-founder and former executive Chris Larsen moved XRP worth over $ 115 million.
He later explained in the following tweet that the XRP had been transferred to NYDIG – a custody solution for cryptocurrencies. However, some note that this would be a platform through which someone could sell a massive token stake OTC.