Ripple leaders tried to calm the situation, but their clarification was not enough to straighten the XRP wave of volatility this weekend.
The ripple releases 1 billion XRP: Everything you need to know about this edition
Fear, uncertainty and doubt (famous FUD) spread in the XRP community this Saturday 9th August, when Ripple decided to release 1 billion chips from its receiver.
According to Whale Alert, Ripple has released 500 million, 100 million and 400 million XRP tokens or three transactions worth $ 3.28 billion.
These chips were previously held in the sequestration within the 2017 protocol, which was to stabilize the market offer. The transactions attracted the attention of the crypto sector in the context of speculation that they would prevent massive sale.
“They want you to buy an XRP while they sell it,” wrote Rajat Soni, a well -known user on X.
Among other things, Soni’s comment referred to the ripple manipulation of his calendar liberation of sequestration. In parallel, the XRP course for Bull Dynamics was beneficial from a positive outcome of its long court dispute with the American SeC (Securities and Exchange Commission).
In this context, the CTO, David Schwartz, tried to dispel FUD and attributed the release of sequestration of routine activities.
“The first day of the month is still released. You do not necessarily see the activity in the register simply because the receiver has been released. The index itself does not act in itself; still waiting for someone to submit a transaction to start it,” Schwartz said.
The community members also stated that the corneration accounts have randomly issued several contracts in the last two months.
However, the sequestration system represents a long -term debate, a company that has a huge XRP in this contractual arrangement. XRPSCAN data show that the company still holds approximately 35.6 billion XRP after the liberation of 9 August.
“Can ripple manipulate the date of release of sequences in sequestration?” Theoretically, they could release 36 billion XRP in the next 5 minutes? Asked the user.
According to its operation, the contract for the sequestration issues up to 1 billion XRP per month, which is a system designed to prevent market saturation.
This helps maintain the XRP course; Although the system is structured and predictable, individual transactions, especially transactions exhibited on the XRP book, tend to influence markets.
Analysts claim that the XRP course could be prepared for an ascending breakthrough for a larger period. However, it seems that the curl crypt is calming down for the day before the next movement, bulls or haussiers already hold a position.
Based on bull profiles (in blue), the bulls await interaction with the currency course just above the zone of request between $ 2,9611 and $ 2,7354. This means that the descending trend could continue from 5 % to 7 % before possible reversal.
The RSI (relative force index) also decreases, which is a sign of declining momentum. If immediate support is not held at $ 3.1061, the XRP rate could drop until the bulls are expressed at the level, the requirement zone offers considerable lower support.
On the contrary, increased shopping pressure above the current level could attract the upward trend of the XRP course, potentially overcome bears (volume profiles in red).
However, although it adds a zone between $ 3.4,000 and $ 3.5493 exerts upward, bulls trying to take long positions on the XRP should probably wait for the plug above the average threshold or the middle line of power surfaces to $ 3.4687.
The plug of candles above this level in one day could catalyze a new increase and prepare the ground so that the currency course finds its peak $ 3,6607. Such movement would mean an increase of 7 % compared to current levels.
Morale of the story: which unlock from XRP at the wrong moment when the collapse of the ripple.
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