The XRP price is poised to trigger a massive rally as the first half of the year draws to a close. There are three reasons altcoin investors are bullish on Ripple. Here are the things you should pay attention to..
Ripple co-founder Jed McCaleb dumps altcoin project
The XRP price was at the disposal of Ripple co-founder Jed McCaleb. After the successful launch of XRP, 80 billion XRP was gifted to the founders and members close to the project. Jed McCaleb got 9 billion. But after an internal conflict that has remained a mystery to this day, the co-founder left the project.
Since then, McCaleb has been emptying his hands. To prevent a price drop, Ripple entered into a deal that prevented it from selling a certain amount of XRP each year for the next seven years. As of June 28, McCaleb’s “Taco” wallet now has just 96.19 million XRP.
The co-founder dumps around 3 to 7 million XRP tokens every day. Meanwhile, in a few weeks he will see the wallet go to zero. From a supply-demand point of view, this is an important development in favor of the bulls.
XRP is recovering healthily
XRP price is showing strength after it recently turned the $0.340 hurdle into a support base. To add more confidence to the uptrend, the next pullback bounced off said barrier. As a result, investors are waiting for the rally to continue. While the recent move is undoubtedly bullish, traders should note that it is likely to face a merger to $0.380.
Therefore, breaking this resistance will be key in triggering a rally from $0.439. On the other hand, one of the developments that directly concerns the XRP price is the SEC lawsuit. Let’s take a quick look at what’s going on here.
Latest developments from the SEC and Ripple case
The SEC has been fighting against Ripple since December 2020. After multiple crackdowns and back and forth, the defendants took the upper hand. John E Deaton, founder of Crypto Law US, tweeted recently that SEC Chairman Gary Gensler will reach the deal. In a message he said:
It makes sense: win while you can. This can have the opposite effect: Roll to win to say “Look, we were right.”
Ben Armstrong, another popular YouTuber, said:
They already tried to come to terms and Ripple said no.
If Ripple rises above this case, it would not only be a historic win for Ripple or the crypto ecosystem, but it would also help boost the XRP price. At the time of writing, XRP is trading at $0.3429. As Kriptokoin.com, we report the latest developments from the SEC-Ripple case in this bulletin.
22616
