- The Ripple (XRP) price has seen a bullish push since July 18.
- If XRP is not able to flip the $0.380 hurdle into a support floor, it could lead to an increase in sell pressure.
- Jed McCaleb, the ex-CTO of Ripple is done with his selling spree and his wallet is finally empty.
The Ripple (XRP) price has seen a bullish push since July 18. This is because XRP broke out of the descending trend line on July 18 which ended its 63-day downtrend. This move was then followed by a retest which succeeded in confirming the breakout.
After this bullish confirmation, the XRP price was able to climb 9% to revisit $0.380. Unfortunately, the buyers lacked the strength to reach the equal high at $0.387 and as a result of this, XRP retraced 8%.
If XRP is not able to flip the $0.380 hurdle into a support floor, it could lead to an increase in sell pressure. This, in turn, means that XRP will likely visit the $0.311 support floor. In a very bearish case, the price could drop as low as $0.296.
Despite the somewhat bearish outlook, there is still the chance for bulls to take back some of the control. If XRP’s candlestick can close above the $0.380 hurdle and flip it into a resistance level, the bearish thesis will be invalidated.
This means that the price of XRP could go as high as $0.439 after a 15% increase
XRP / TetherUS 1D (Source: CoinMarketCap)
Ripple is currently trading at $0.3642 after a 1.45% increase in price over the last day, according to CoinMarketCap.
In addition to this, Jed McCaleb, the ex-CTO of Ripple is done with his selling spree and his wallet is finally empty. McCaleb was given 9 billion XRP tokens, but due to his fallout with Ripple, he started selling his holdings in 2014. This year, he finally ran out of tokens to sell.
This is supposed to be a potentially bullish development, but the XRP price is very slow to react. Despite this, the short-term outlook for the crypto is still neutral-bullish.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.