SAN FRANCISCO / LONDON (IT BOLTWISE) – Ripple co-founder Chris Larsen has once again sold large amounts of XRP, leading to speculation about the impact on the price of the cryptocurrency. Experts are concerned that these sales could weigh on the market, while others see this as normal profit-taking.
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Ripple co-founder Chris Larsen recently sold large amounts of XRP again, leading to speculation about the impact on the price of the cryptocurrency. According to industry reports, Larsen has realized over $764 million in profits from his XRP sales since January 2018. These sales often occur at times when the XRP price is reaching local highs, causing concern among some market observers.
Larsen’s recent sales have put pressure on the XRP price, which is currently 34% below its multi-year high of $3.66. Analysts warn that continued sales by Larsen, who still has significant XRP assets, could further weigh on the price. Nevertheless, some experts see these sales as normal profit-taking that is common in the cryptocurrency industry.
Technically, the XRP/USD pair needs to clear the 200-day SMA at $2.60 to target higher price targets above $3.00. Such a rise could be supported by a bullish divergence in the RSI, which indicates weakness in the current downtrend. If the price breaks the 100-day SMA at $2.94, it could signal the end of the downtrend.
The future of XRP remains uncertain as Chris Larsen’s sales could continue to put pressure on the market. Still, there are signs of a possible recovery, especially if bulls manage to push the price above the 20-day EMA at $2.55. However, investors should remain cautious and base their decisions on thorough research.
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