Ripple’s Holdings Drop To $10,278,995,860 In One Month

Ripple’s holdings have crashed in the past month during the wide crypto market plummet as a result of the coronavirus pandemic panic. In our Ripple XRP news today, we try and find out more. Ripple owns about 56,173,059,762 XRP at the time of writing and the company’s holdings are now valued at $8,481,003,410 which is $10 billion less than the previous $18,795,505,796 in February.

The XRP price is currently trading at $0.15 compared to the previous $0.33 one month ago. The analyst at FXStreet Tanya Abrosimova explained that the outlook for this asset could be improving after it pushed above the support level which is the middle line in the 1-hour Bollinger band. Bollinger Banks show two lines of standard deviation in order to measure volatility and to evaluate price action. Abrosimova is trying to see whether the crypto assets can tackle the resistance level at $0.1750:

 “A sustainable move above this area will allow for an extended recovery towards SMA100 1-hour at $0.1930, which is followed by a stronger barrier created by psychological $0.2000.”

Ripple’s holdings are basically half of all XRP in existence and created an escrow program later in 2017 to manage the holdings. The unlock one billion XRP from escrow each month and sell only a small portion, but return the rest back into escrow.  It seems like there is a major breakout zone forming near the $0.16 area. If we see an upside break above the $0.1620 and $0.1650 resistance level, there could be chances of a strong rise in the near term. The next key resistance after this is near the $0.1750 area, plus the 61.8% Fib retracement level of the main drop from the $0.2102 high to the $0.1166 low.

So, as Ripple’s price is eyeing new bullish territory, it needs to clear the $0.14 resistance first. If that is done, it could start a rise towards $0.15 and then $0.16. But if the bears hold it back and prevent it from making new gains, it is likely that XRP may visit a low of $0.11 again and new downsides towards this level.

Regardless of its status, the Ripple price is on the verge of a free fall. Some say that the Ripple XRP price could bounce back once the coronavirus crisis disappears and others think that the patterns look suspicious. A further increase in buying pressure could push the XRP price to the middle or upper boundary of its channel.