- $0.28 and $0.30 levels have become impenetrable forcing XRP to remain vulnerable to declines.
- XRP holders believe the increase of XRP sales by Ripple is contributing to the bad performance of XRP in the market.
Ripple’s XRP has been forced to ensure extreme selling activity in the past couple of weeks. For the first time in 2019, XRP dived to lows around $0.2375 (below the lows posted in the late 2017). While recovery has been staged, the upside is laced with areas of high seller congestions. For instance, $0.28 and $0.30 have become impenetrable forcing XRP to remain vulnerable to declines.
Amid this these losses and reduced buying activity are cries from the community. XRP holders have been spooked by the alarming dumping of tokens in the market by the issuing company Ripple. Particularly, the community did not receive well the 1 billion XRP donation made by Ripple to Coil.
The situation has warranted the formation of a petition to stop Ripple from ‘dumping’ tokens which according to holders is leading to declines in the price of XRP. Ripple owns the largest share of XRP supply and periodically sales the tokens. However, it is not directly linked to the performance of XRP on the market.
On the contrary, the community of XRP holders believe the increase of XRP sales by Ripple is contributing to the bad performance on the market. Similar sentiments have been shared by industry leaders like Peter Brandt linking Ripple to XRP bad performance.
The chart pattern for many, many months has shown the distribution of XRP by Ripple — it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.
— Peter Brandt (@PeterLBrandt) August 14, 2019
The petition has already collected 2,000 signatures but seeks to collect more than 10,000 signatures. What will happen after the signatures have been not been disclosed by investors can sign it on Change.org.
XRP Technical Picture
According the 4-hour chart, XRP/USD is poised for declines in the short-term. Limiting the movement north is the 100 Moving Average and the descending trendline. The resistance at $0.28 continues to make recovery above $0.38 a nightmare.
BTC/USD 4-hour chart
Technical levels are leaning towards a bearish trend starting with the Moving Average Convergence Divergence (MACD). The MACD has a negative divergence suggesting rising selling pressure. The RSI signals rising selling activity as well following the retreat from the overbought.
XRP Technical Levels
Spot rate: $0.2696
Relative Change: 0.000177