Ripple market update: 1M tokens released from an escrow account
- XRP/USD is unchanged on a daily basis, recovery capped by SMA50
- Ripple needs to stay above $0.30 handle.
Ripple’s escrow released 1 billion tokens to the amount of $308,89 million, according to the whale-alert service that tracks large crypto transactions from and to exchanges.
Obviously, the unlocked tokens will be used for various changes in Ripple’s ecosystem and for direct sales. According to Ripple’s 1Q financial statement, XRP sales increased by 31% as compared to the first quarter of 2018, to the amount of $169.42 million.
XRP’s technical picture
XRP has been recovering slowly during early Asian hours. The coin touched $0.3088 high before retracing towards $0.3055 by the time of writing. However, the third largest cryptocurrency is still nearly 1% lower that this time on Wednesday.
The recovery is capped by $0.3086 (SMA50, 1-hour). Once is barrier is cleared, the recovery may be extended towards $0.31 and $0.3175 (April 29 high).
On the downside, the initial support is created by $0.3030 (SMA100, 1-hour), followed by psychological $0.30 with SMA200 (1-hour) located on approach
XRP/USD, 1-hour
Author
Tanya Abrosimova
Independent Analyst
