- Ripple XRP Joined the Bull Run Days Ago Crossing $0.22 as Bitcoin Gained Momentum
- XRP Sales Volume Surged by 72% Shortly After the Bulls Gained Momentum
- The Price of XRP Corrects Lower Against the USD
Ripple News Today – Following weeks of trading bearish in the $0.19 level, Ripple XRP started to gain momentum against the USD. It managed to cross the long-awaited $0.20 level. In our last XRP news, we noted that the price of XRP would most likely reach for higher highs if it crossed the next resistance at $0.23. Unfortunately, the token faced rejection and started correcting downward. As the price of XRP was rising, the sales volume was surging at the same time.
Ripple News Today – XRP Sales Volume Surges by 72% as Downward Correction Starts
A few days ago, the Ripple news was that Ripple liquidated over 1 Billion XRP tokens. We predicted that the price of XRP token would most likely be affected negatively by this move. This isn’t the first time the company is dumping tokens in the name of programmatic sales. Their actions have contributed significantly to the poor price action of XRP since last year. Last year, when the pressure from the Ripple community was too much, Ripple said that it would reduce pause dumping XRP and would never dump all its holdings at the same time. Although Ripple denied manipulating the price of the token, they paused to keep the community at ease.
Unfortunately, the company has failed to keep its promise. According to the Q1 report released by Ripple yesterday, they have sold only $1.75 million worth of tokens to institutional investors. This is more than $13.08 million down from Q3 2019 but it is still not enough to keep the community calm. In fact, despite the decline in OTC from Ripple, CryptoCompare reported that there is a 72% surge in XRP sales between Q4 2019 and Q1 2020. It is also down by 63% against the third quarter of 2019. As the sales volume is increasing, the daily volume is also increasing. The good news is that on-demand liquidity for RippleNet has increased by more than 294% over the last quarter.
XRP (XRP) Price Today – XRP / USD
Meanwhile, XRP is now facing downward correction. At the time of writing, the token had lost the important $0.22 level and was trading at $0.218398. It is down by 1.41% against the USD and down by 1.52% against the price of Bitcoin. The trading volume over a 24 hour period is $2,185,247,367 and the market capitalization is $9,634,141,633.