Alert! Ripple sells off $500 million of XRP, the market wants
Ripple's first move was a big one, $500 million of XRP, 200 million coins, directly hitting the market! This time, it will be difficult for XRP to climb out of the recent decline. With so much new supply, the road to recovery will be even more bumpy.
There are three key things:
1️⃣ Ripple's big sell-off:
On December 11, Ripple sold 200 million XRP at once through an address "rP4X2h(...)", which is 486 million in US dollars. XRP is now $2.43 per coin. With this wave of operations, the supply has increased sharply, and it is even more difficult for the price to rebound.
2️⃣ XRP encounters a problem:
Previously, XRP's market value rushed to the third place, and the momentum was quite strong. But now the price of $2.43 just can't go up. On December 4, the relative strength index (RSI) gave a downward signal, and the price fell sharply.
3️⃣ Big market reaction:
XRP’s current market value is $138.8 billion, just a little bit behind Tether’s $139 billion. With Ripple selling like this, it will be difficult for XRP to regain the third place. With more supply, the upward momentum is suppressed.
Fast price changes:
On November 29, XRP’s market value was still $100 billion, surpassing Solana.
On December 4, XRP rose to $2.90 in one breath, and its market value peaked at $165.74 billion.
Now, at $2.43 per coin, it is competing fiercely with USDT.
What will happen to XRP in the future?
Good news: XRP has climbed out of the trough before, and if it recovers strongly again, returning to the third place is not a dream.
Bad news: Tether (USDT) and USDC are eyeing XRP's position. If Ripple continues to sell coins, short-term growth will be in jeopardy.
Important reminder: Be careful, Ripple's strategy and market changes will make XRP's trend more unstable!
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