Ripple transfers 63.7 million XRP to Jed McCaleb, will XRP price rise above the critical $ 0.2?

Earlier today, the Whale Alert bot (WA) spotted Ripple sending 63,704,590 XRP to the wallet of former CTO Jed McCaleb (currently, co-founder and CTO of Stellar Lumens). At current market rates, this XRP costs $ 12,293,769.

Additionally, over 133 million XRP have been deposited in the past 14 hours between exchanges and anonymous wallets.

Whale Alert confirms that McCaleb's XRP will be sold

WA account continues to comment:

"This transfer is part of an agreement between Ripple and Jed McCaleb. From his Tacostand account, XRP is sent periodically to rLkM account ... Q1A for sale

According to the article, Whale Alert said this money transfer is a regular transaction made under the agreement between McCaleb and Ripple. The payment agreement also states the number of XRP that the former co-founder and CTO Ripple are allowed to sell.

Jed McCaleb - Former co-founder and CTO Ripple

The payments mentioned above are intended to reimburse Jed McCaleb's operations as a co-founder of Ripple. The article added:

“McCaleb claims to have received 9 billion XRP tokens spread across several addresses since the start of the Ripple ledger. We attribute genesis and other addresses to McCaleb by combining posts created from his blog, XRP Talk and Ripple's forum (all 3 are offline) and information available on the public ledger. declaration. By analyzing over 90,000 transactions, we were able to track about 8 billion XRP sent to Ripple, a payment account and personal accounts he actively sells. ”

The main Ripple address is related to Jed McCaleb's activities Source: Medium, Whale Alert

According to the article, within 5 years before 2019, McCaleb has sold about 1.05 billion XRP (mostly through Luxembourg-based Bitstamp). The total profit is about 135 million dollars. Jed McCaleb has also donated about 140 million XRP to charities. In January of this year, former CTO Ripple sold an additional 19 million XRP.


Total XRP McCaleb sold for US dollars and average selling price (Total: 1.05 billion XRP and 135 million USD) | Source: Medium, Whale Alert

To date, McCaleb has a total of 4.7 billion XRP. However, selling activities are limited by the agreement with Ripple, which is likely to expire this year. The Whale Alert study concluded that Jed McCaleb's sales did not have any impact on XRP prices.

More 133 million XRP moved

According to XRPL Monitor, over the past 14 hours, a large amount of XRP has been moved, more than double the number of coins sent to McCaleb: 133.3 million XRP.

The largest transaction sent or received by Bitstamp (McCaleb's favorite exchange):

23,381,924 XRP

23,381,924 XRP

24,999,995 XRP

and Bithumb: 28,000,000 XRP

The rest is transferred by BitGo and anonymous wallets.


Source: Twitter

Technical analysis

Yesterday, XRP rose sharply above the $ 0.188 and $ 0.195 resistance levels. The price even broke the $ 0.2 resistance zone, but failed to break out of the $ 0.2025 resistance area.

The bull has twice tried to lift the $ 0.205 barrier but failed. As a result, the price corrected down from swing high to $ 0.2055 and traded below the support of $ 0.2, but remained above the simple 100-hour MA.

In addition, XRP broke below Fib down 23.6% of the rally from swing low of $ 0.1765 to a monthly high of $ 0.2055. However, the support zone of $ 0.19 acts as a strong buying area for the bulls.

The Fib 50% drop of the upside process from swing low of $ 0.1765 to the monthly high of $ 0.2055 also provides support. Ripple coin is currently rebounding and trading above $ 0.195.

On the upside, there is a major hurdle forming near the $ 0.2 level. There is also a major downtrend line forming with resistance near $ 0.2 on the hourly chart of the XRP / USD pair.


XRP price

A successful daily close on the $ 0.2 barrier can start to move larger. The next hurdle is near $ 0.205, on which the bulls are likely to target $ 0.212 and $ 0.215.

If XRP fails to break out of the $ 0.2 resistance, the price can correct lower. The initial support level is near $ 0.192. Major support is located near the $ 0.19 and $ 0.188 levels.

The 100-hour SMA is also close to $ 0.188 to provide support. If the daily close below the support of $ 0.188, the price can prolong the downtrend in the near term.

You can see the price of XRP here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Minh Anh

According to AZCoin News

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