⚈ The XRP price remains fixed in the SEC case, ETF hopes, and whale accumulation
⚈ Signs of landing in the short term, but the long -term trend remains positive
Ripple has implemented its routine monthly opening of 1 billion XRP symbols from the month of May, which may provide new price fluctuations to the encrypted currency.
The data on the series indicates that the cancellation of the lock, which includes XRP of $ 2.2 billion, occurred in three separate transactions on May 2.
Ripple was opened for the first time 200 million XRP ($ 440.52 million) at 22:28 UTC to the Ripple (26). After one minute, it released 300 million XRP ($ 660.86 million) for the same address. At 22:31 UTC, 500 million XRP ($ 1.1 billion) was opened for a separate address, Ripple (27).
Despite the large size, the monthly XRP opening for the month of Ripple is part of a long -term strategy and scheduling of supply management with the lowest impact on the historical market.
Since 2017, Ripple has put 55 billion XRP in warranty to ensure transparency and prediction, addressing concerns about market floods. Monthly, one billion XRP is released to support operations, the growth of the ecosystem, and the liquidity of ODL services (liquidity on demand).
Usually it is connected between 700 to 800 million XRP, with the rest for expenditures, institutional sales or partnerships, while maintaining a balance between liquidity and price stability.
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The previous openings did not constantly lead to a significant decrease in prices. For example, despite the previous conquest, XRP gathered, as it came out of its stretch unification without a sign of $ 2.
The price has been mainly affected by the other essentials surrounding the distinctive symbol, as the wider regularity and morale expectations in the market play major roles.
With the approach of the ripples and SEC to the conclusion, XRP failed to achieve noticeable gains and instead it depends on the morale of the public market and the noise on the potential approval of the XRP (ETF) exchange fund in the United States in the United States
Although SEC has delayed its decision regarding the product, there is an anticipation that the country may follow after Brazil revealed the first XRP ETF spot, which has the ability to attract institutional investment. An organizational decision is expected between June and mid -October this year.
Despite these basics, whales still show confidence in the origins, where about 900 million XRP accumulates in April.
XRP price analysis
By the time of the press, XRP has been traded at $ 2.20, a decrease from 1 % over the past 24 hours. On the weekly graph, the distinctive symbol rises by about 0.2 %.
XRP faces the short term, taking into account that the simple moving average of the simple asset (SMA) sits at $ 2.22, slightly higher than its current price.
Meanwhile, SMA for 200 days at $ 1.91 indicates a long -term upward trend. The relative strength index remains for 14 days (RSI) at 55.17 neutral, and no strong momentum appears in either direction.
Distinctive image via Shutterstock
