Members of the XRP rich list hold because they believe in the future of the Ripple technology. However, even the digital asset investor with the strongest level of faith can be discouraged by the current XRP price action. The asset keeps underperforming the market even if digital asset investors consider it as the cryptocurrency with the highest potential in the space. Everything became worst when the CTO of Ripple, David Schwartz sold his XRP holdings. Since then, there has been panic within the XRP Army on Twitter. One user said;
“Ripple CTO @JoelKatz recently selling his $XRP stack is the biggest warning sign one could ever get. This is the most bearish sign for $XRP I have ever witnessed since beginning of ’17.https://bithomp.com/explorer/r3gRpQRDdu7pzPhM9nDmXMgskbJ6vwTDbB. I recommend everyone to get OUT NOW.”
By selling off his stack, Schwartz created doubt in the minds of the XRP Army. It is a fishy move especially considering the current price action of XRP. On the other hand, there is a possibility that this was just a trick the company has employed to ignite market speculation. They may be trying to manipulate the price of XRP through massive sell-offs. After all, the XRP token is meant to favor institutional investors and not retail traders.
XRP Price Prediction 2019 – XRP News Today
XRP (XRP) Price Today – XRP / USD
While the current price of XRP isn’t encouraging, some other users on Twitter are certain that the sell-off will be followed by a major XRP bull run. One user suggested that the major holders on the XRP rich list sold their tokens to secretly tell the retailers that a bull run is coming. According to the the latest XRP technical analysis on U°Today , another tiwitter user suggested that the price of XRP will hit $0.5 first before any bull run will start.
XRP News Today – xRapid Protocol Uses XRP
There has been a lot of hype surrounding XRP, xRapid, and other FinTech inventions by Ripple. xRapid is now a dominant tool for financial transactions in Asia and is gaining ground across Europe and North America. The xRapid protocol uses XRP as fuel. So, as xRapid started gaining adoption, members of the XRP rich list were excited about the prospects for XRP. The XRP technical analysis for months showed bullish signals in almost every XRP price prediction 2019. The XRP news, however, didn’t support the price of the token. Rather than increase due to the positive XRP news, it has remained stuck in a descending trendline for weeks. Some have even suggested that the current negative XRP price action is due to the competition caused by the release of the JPM Coin.
Ripple XRP News – Ripple Reveals Crucial 54% Sales
According to the latest Ripple news on CCN; Ripple, the company behind the development of XRP, the third most valuable crypto asset in the global market, officially released its Q1 2019 XRP markets report.
The document indicated Ripple sold $169.42 million from January to March and institutional sales accounted for $61.93 million, more than 36 percent of all its sales.
Quarter-over-quarter, Ripple saw a 54 percent surge in institutional investment, indicating an overall rise in demand for crypto from institutional investors.
According to the report, the average XRP daily volume has increased to $595 million, up from 2018. The report read;
“While the price of XRP decreased, the average XRP daily volume was $595.28 million which is on par with XRP daily volume from Q4 2018. In addition, XRP’s correlation with other top digital assets remained consistently high throughout the quarter,”
It is unclear whether the daily volume of XRP calculated by Ripple accurately portrayed the crypto exchange market landscape and particularly the presence of large fake orders and inflated volumes in the market.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.