Main to remember
During the recent Bull Run, the co-founder of Ripple sold millions of XRP while the token reached a new summit of all time, an action that did not reflect well publicly. The market -scale correction brought XRP back to 15% compared to its price a week ago.
Ripple (XRP) reached a historic summit of $ 3.65 on July 18, according to Coingecko. This brought the market capitalization of Altcoin to $ 215.2 billion.
At the same time, the co-founder of Ripple Chris Larsen seemed to sell many tokens.
According to Crypto Sleuth Zachxbt, an address linked to Larsen has transferred 50 million XRP (worth 175 million dollars) since July 17.
The transfers went to three recipients connected to the exchange and to two freshly created wallets.
While the token approached its top of all time, Larsen was seen in transfer of $ 30 million from XRP to Coinbase, likely to sell.
The recent withdrawal from the cryptography market added to the short -term pressure on XRP.
Source: Crypto insights
In an article on cryptocurrency ideas, analyst Darkfost noted that long liquidations were extremely high on the binance. On July 23, XRP fell by 10.3%.
This caused a wave of long liquidations, destroying nearly $ 7.3 million in long positions.
RISING EXCHAGE Reserve and their implications
Source: cryptocurrency
Ambcrypto noted that the XRP exchange reserve has increased since May.
Cryptors have shown that XRP increased from 2.75 billion XRP on May 6 to 2.98 billion XRP on July 24.
An increasing exchange reserve generally indicates a distribution phase, but this time, increased reserves have accompanied an ATH.
Source: cryptocurrency
The optimistic momentum downstream in July saw the estimated lever ratio increase considerably. Forced liquidation in the past 24 hours has brought merchants back to earth.
Coinglass data has shown that $ 25.33 million in shiny positions in 24 hours and 16.42 million dollars were in a long position.
Overall, the sale of the co-founder and the market-scale correction imposed a short-term retirement on XRP.
The area from $ 2.9 to $ 3 remains a solid request zone for XRP and psychological support. Therefore, it is likely that XRP could consolidate around $ 3 for a few days before climbing higher.
This would give derivatives and to the market the market to cool off.
