The enormous hype surrounding Ripple’s XRP token in 2017 has created a wonderful community that has carried over into 2018 to 2019. Still, the community of investors is appearing to have been dissolving as of now.
It is still one of the largest cryptocurrencies by market cap, with many investors from 2017 and further are still holding onto their tokens, hoping to see growth and adoption in the future.
A short-term event could place some pressure on the cryptocurrency is the recent transfer of $115M worth of token by the executive of Ripple, Chris Larsen.
These tokens were probably being moved from his wallet to be sold via OTC.
The pressure that this news can place on the crypto may be offset by the secondary market token purchases that Ripple has been making in the past few months.
As Ripple starts buying the tokens, XRP remains stagnant within the $0.20 range.
The XRP’s price has been struggling to gain any significant momentum in recent days and weeks, all the while remaining stagnant in the mid-$0.20 region.
As of now, XRP is trading up marginally at its current price of $0.23. This is amounting to the price at which it has been trading throughout the past few days and weeks.
Amid the recent market-wide uptrend, the price could also stretch as far as $0.32 before it has faced massive inflows of selling pressure.
A trend that has been bolstering XRP in the near-term in the secondary market purchasing Ripple has been conducting. They are speaking about in their Q2 2020 update, and saying:
Ex-Ripple executive transferred $115M worth of the crypto.
From a recent note from Whale Alert, Chris Larsen – a Ripple co-founder and former executive – have just moved over $115M worth of XRP.
He then stated in a follow-up tweet that these tokens were transferred to NYDIG. But some users have observed that it would be one platform through which someone can sell a massive token stake OTC.
It is still unclear whether or not he intended to sell the tokens, but the potential exit from the ecosystem can blow the investor sentiment.