Ripple co-founder keeps ‘cashing out’ at the highs: Will it hurt XRP price?

Ripple co-founder Chris Larsen has realized substantial profits from selling XRP, totaling $764.2 million since January 2018, according to an analyst from CryptoQuant. This pattern of selling near local highs has led to accusations of deliberate offloading, which some attribute to the 34% drawdown in XRP's price from its multi-year highs. Larsen recently confirmed a 50 million XRP transfer was an investment in the Evernorth treasury, but he is still estimated to hold up to $9 billion in XRP, suggesting continued potential selling pressure. For XRP price to reverse its downtrend, it must reclaim the 200-day Simple Moving Average (SMA) at $2.60, followed by resistance at the 50-day SMA ($2.74-$2.80) and the 100-day SMA ($2.94). Technical indicators like a bullish divergence on the Relative Strength Index (RSI) suggest potential upward momentum if buying interest increases.

(Source：Cointelegraph)