XRP Price Under Pressure: Ripple Co-Founder's Sell-Off Raises Concerns
XRP Price Faces Uncertainty Following Major Sell-Off
XRP price is currently under pressure as it corrects 5% from a recent high of $0.61. The sell-off connected to Ripple's co-founder, Chris Larsen's transaction, has raised questions concerning market stability.
Ripple Co-Founder's Large Transaction Sparks Concern
On September 21, XRP price peaked at $0.61, boosted by the US Fed's rate cut, but has since retraced to $0.57 following noteworthy wallet movements. On September 17, Chris Larsen transferred 50 million XRP from his wallet, leading to speculation about potential market implications.
- Transaction Details: 50 million XRP sold, followed by four additional transfers amounting to 20 million XRP.
- Market Reaction: Immediate concern for traders as the selling activity suggests bearish sentiment.
Can XRP Rebound Above $0.65?
The bearish trend is compounded by indicators suggesting further price consolidation. Immediate support for XRP sits at $0.5575, while resistance is observed at $0.6122. The potential for a rebound towards $0.65 exists, but requires a considerable increase in bullish momentum, which currently appears limited.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.