Ripple Price Prediction: XRP Risks Falling Towards $0.80 Support Line

Daily Ripple XRP Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ripple price fails to cross over the 20-day SMA.
  • The MACD shows sustained bullish market momentum.
  • On June 4, the Ripple price failed at the 20-day SMA and dropped from $1.04 to $0.94 over the next three days. Since May 22, the Ripple price has been trending in a narrow $0.27 channel between $1.04 and $0.78. Let’s take a 

    Ripple Price Fails At Critical Level

    Having hovered horizontally below the $1.04 resistance over four days, the Ripple price finally fell after encountering the 20-day SMA barrier. The MACD for SRP shows sustained bullish market momentum.

    Image: XRP/USD daily

    XRP/USD daily chart 060721

    In the 4-hour time frame, the Ripple price is on course to flashing a buy signal in the next 12 hours (aka three sessions) in the TFD sequential detector. Since June 4, the Ripple price has flipped the 20-bar and 50-bar SMAs from support to resistance.

    Image: XRP/USD 4-hour

    XRP/USD 4-hour chart 060721

    Ripple Co-Founder Jed McCaleb Keeps Dumping His XRP

    Jed McCaleb, the co-founder of Ripple, has cashed out an estimated 453 million XRP in May, and still has a total of 617.3 million tokens on his “~tacostand” wallet, according to XRP blockchain data provider XRPSCan.

    McCaleb started working on Ripple back in 2011 and was part of its founding team when the firm launched in 2013. While he left it in 2014 to work on Stellar (XLM), he was awarded eight billion XRP tokens for his role in developing OpenCoin, which was later renamed, Ripple.

    The entrepreneur receives the funds on a fixed schedule and has made it clear that he plans on selling the funds he receives. He has already donated part of the funds to charities like Give Directly, Literacy Bridge, and others.

    Since then, he has been periodically selling XRP. Data shows he has now recently sold over 453 million XRP tokens last month, worth an estimated $433 million.

    McCaleb’s large XRP sales continued even after the coin ensured a major sell-off over the Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple Labs last year. The SEC has alleged Ripple and two of its executives “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”

    Ripple Price Is Expected To Reach These Levels

    The Ripple price will likely drop to the $0.80 support wall if the downturn continues. However, this support barrier has previously held strong time and again.

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