Ripple’s XRP has been capitulating following the rally seen between May and June, which took the price above 0.50. Today, the XRP/USD pair has printed a low of 0.2950 which is remarkably close to the previous wave low of 0.2861. Below this is another big level at 0.2469 and if we breach that point, I feel we enter the abyss.
The next major support level has been hit multiple times – and held to great effect – but looks like it could come under threat in the near future. XRP/USD has had four major tests of the 0.2960 area this year and it has been able to withstand them all.
One of the main reasons for the massive price drop is Ripple’s holdings of XRP. It accounts for 50 percent of its total supply and this is systematically sold into the market to stimulate the growth of the ecosystem. There has even been a petition passed around by a major crypto player on twitter. The petition calls Ripple to refrain from releasing its supply of XRP onto the traditional crypto market. it is currently gaining support and has around 300 signatures. Crypto_bitlord who has over 100k followers set up a change.org petition and this according to him this action could lead to a pump, “like the good ol days.”Until anything changes Ripple will continue to have a stranglehold on the price of XRP.