- Ripple price is at risk of further drop as the altcoin trades below the 200-day Moving Average.
- According to a fixed schedule, Ripple has unlocked 1 billion XRP on April 1 of which 200 million will join circulation.
- Analysts have predicted a drop in Ripple price as the circulating supply of the altcoin increases.
Ripple price remains at risk of collapse as the circulation of the altcoin, XRP, increases significantly. Following fixed schedules, the payment giant has unlocked 1 billion XRP tokens; 800 million were locked back in escrow accounts.
Also read: Dow Jones futures fall as yields spook markets
Ripple price at risk of drop with 200 million XRP injection
Ripple price remains at risk of a further drop as the payment giant unlocks 1 billion tokens. XRP followed the programmed release of 1 billion XRP on April 1, 2022. Of the billion, the payment giant has moved 800 million XRP back to escrow, locking them up until May 1, 2022.
The remaining 200 million XRP tokens will be injected into the altcoin’s circulating supply. The payment giant will use the tokens to cover its operational expenses and support the liquidity of XRP across cryptocurrency exchanges.
Analysts have evaluated the Ripple price trend and predicted a drop in the altcoin’s price. Ripple price is in a tussle with its 200-day MA on the daily chart. Ripple price also continues to struggle below $0.9.
Analysts have observed an intersection between the 200-day MA and static resistance at $0.93. The ascending trend line that acted as support is now resistance at $0.93.
@GrizzlyBTClover, a pseudonymous crypto analyst, believes Ripple price is stuck below $0.93, after bears defended this resistance level. A breakout past this level would be key and could push Ripple price to $1, and the following two price targets at $1.3 and $1.7.
Psychological resistance is at $1 for Ripple price. If bulls fail to take control of Ripple price, XRP could drop below $0.70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.