- XRP token price action forms red candles on an intraday trading session
- Ripple’s co-founder and previous CTO keeps on selling millions of dollars worth of XRP consistently, however, the firm continues to send more
- XRP/BTC pair is trading negative by 3.10% at 0.00002581 BTC
The 4-hour technical chart of the XRP token projects a bearish trend. According to pivot points, XRP’s significant support level is $0.90. Whereas if it goes up, the fundamental resistance to watch is $1.03. Besides, the chart also features a bearish engulfing candlestick pattern displaying that Bears have control over the price movement.
The Ichimoku Cloud consists of Lead 1 & Lead 2 with a displacement value of 1. It acts as a pivot level and a leading indicator in the asset price change. Investors may witness the price dumped inside the green Moku Cloud, so until the price rests inside the green Moku Cloud it is in a no trading zone.
The Stochastic RSI indicator gave a (Bearish) signal with a value of K-23 D-39, projecting a sell signal in the coin. Investors may observe a declining slant and a negative crossover in the index.
The volume of (6.91M) showcases a high selling pressure below the Volume MA (3.88M) of 20-days. Traders are directing high selling pressure in the order book to dump its price level near the support zones. Investors may also observe huge red volume bars in the chart.
Ripple moves another $420 million in XRP for co-founder Jed McCaleb to dump
Blockchain payments organization Ripple today sent its co-founder and previous CTO Jed McCaleb another payment of more than 408 million XRP tokens, worth around $420 million at current costs.
As per blockchain explorer XRPScan, this is the most recent in a series of gigantic XRP transactions that Ripple has been sending McCaleb consistently since September 2020.
In his turn, McCaleb proceeds to slowly sell his tokens in modest parts. Following his “pattern” of late, Ripple co-founder picks a specific quantity of XRP every week—normally very significant by simple humans’ guidelines—and continues to dump them for seven days straight.
Over the previous week, McCaleb’s “dumps” up to 16,353,884 XRP each day—or generally $16.85 million. Before that, he sold a little more than 10 million XRP day by day for about fourteen days. Meantime, there is as yet 6a33,699,648 XRP ($652 million) left in his “Tacostand” wallet.
Resistance: $1.03
Support: $0.90