The Ripple price has given back its earlier gains and back below $1.00 following a no-confidence vote from its co-founder.
Last price: $0.9419 -$0.2616 (-2.71%)
Weekly performance: +3.55%
Market Cap: $43.38 billion
Weekly range: $0.8651 – $1.1059
It’s been a mixed bag for XRP over the last week. Several attempts to break higher have been thwarted above $1.10. Although, it’s hardly running away on the downside either. The market seems to be in a state of flux, lacking a catalyst in either direction. Moreover, the SEC’s ongoing lawsuit against Ripple Labs only adds to the uncertainty over the XRP price.
CoinQura has today revealed that co-founder and former CTO Jed McCaleb reduced his holding by 400 million coins in May. This is unlikely to be the catalyst the market wants.
To be fair, McCaleb, who left Ripple in 2014 to join rival Stellar has been transparent about his plans to preiodically sell XRP.
The daily chart shows the Ripple price is consolidating either side of the 100 DMA at $0.9682. The upside is capped by horizontal resistance at $1.0995 whilst the downside is supported by a rising trend line around $0.9400.
Considering the recent news, XRP is likely to come under pressure. A break of the support could trigger a -15% decline to last week’s low of $0.7940.
However, a close above $1.1000 and the outlook would turn positive.
Follow Elliott on Twitter.
