Will $XRP fall to $0.43 after Ripple’s unlocking of tokens worth $559M? - AMB Crypto Analytics
In August, XRP saw a lot of volatility, dropping to a low of $0.43 before recovering to $0.64, but it couldn't sustain the gains and is now trading at $0.5569. Ripple recently unlocked 1 billion XRP tokens worth $559.9 million, sparking concerns about further price drops as these unlocks have historically led to declines.
XRP's price often falls following token unlocks; for instance, after June's unlock, the price dropped 9.25%. In August, the price fell from $0.65 to $0.56 after the unlocks. Analysis shows that XRP is currently experiencing selling pressure, with high exchange inflows indicating potential whale sell-offs.
Open Interest has also dropped from $469 million to $413 million, indicating that investors are closing their positions. Given this bearish sentiment and historical data, XRP could decline to its local support level of $0.43.