Ripple, the developer and largest holder of XRP, has recently sold 150 million XRP from its July reserves for approximately $64.5 million, represents a decrease of $13.5 million compared to the companyâs XRP sales in June.
The sale follows Rippleâs release of 1 billion XRP from an initial distribution, with the tokens then locked in monthly escrows until 2027. This month, Ripple allocated 200 million XRP to its treasury account, while the remaining 800 million were placed in new escrows, as Finbold reports.
Notably, an additional 100 million XRP were transferred from a wallet identified on the XRP Leger as âRipple (35)â to the sell-off reserves, bringing the total allocated for sale this month to 300 million XRP.
Source: XRPScan
The sale itself took place through the companyâs treasury account, labeled âRipple (1),â which sent the tokens to an unlabeled account, ârP4X2hTa.â This injects previously uncirculated XRP into the market, potentially contributing to inflation of the XRP supply.
While 100 million XRP currently remain in the ârP4X2hTaâ account, Ripple has historically transferred a portion of the XRP itâs set to sell to another intermediary address, ârhWt2bhR,â before ultimately listing them on cryptocurrency exchanges.
The sales come at a time in which the price of XRP has been underperforming. Despite the recent lull, a popular cryptocurrency analyst has recently suggested the cryptocurrency could soon see an explosive upward move after identifying similar price patterns throughout XRPâs history, pointing to symmetrical triangle breakouts.
In a post shared on the microblogging platform X (formerly known as Twitter) with his over 40,000 followers, analyst Javon Marks suggested that âsomething massive can be truly nearingâ after pointing to the âway prices are coiling/shaping up combined with where theâve come from (historical data) and high volume plus an already confirmed Hidden Bullish Divergence.â
Marksâ analysis points to XRPâs past performance as a potential benchmark. In mid-2017, XRPâs price skyrocketed over 70,000% before reaching its all-time high in early 2018. Marks suggests that a similar, aggressive bull run could be forthcoming.
His short-term prediction involves a potential rally to $1.44, fueled by technical indicators. Reaching this price point, Marks argues, could trigger a breakout from a six-year price consolidation pattern that in the long run could see XRP exceed the $200 mark per token, representing a 45,000% jump from its current level. This projection assumes a âfull logarithmic follow-throughâ based on historical data.
In a more conservative scenario, Marks suggests XRP could still reach $15-$20 if the price pattern breaks, representing an increase of over 4,000% from current levels.
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