In 2012, McCaleb was part of the team that created the payment company known as Ripple. About ten years later, Jed McCaleb has finally ended his marathon of dumping his ‘beloved’ XRP assets. He saw off most of his digital currency holdings at the end of June 2022 after taking it slow due to SEC interjection. The XRP Army has been waiting for the end of McCaleb’s marathon of dumping. It’s believed that his sales have had a big influence on XRP’s price and selling pressure.
Jed McCaleb Sets Back XRP Growth
On the blockchain-based payment system, xRTPScan, Jed McCaleb’s wallet, is called a “tacostand.” According to data collected by xRTPScan, tacostand has lost an average of 4.06 million XRP in the past month. Since the last week of June 2022, McCaleb increased the daily transfers to over 7 million.
In 2014, McCaleb held 9 billion XRP. Since he left his job at the company, he has gradually sold some of his assets and almost exhausted his wallet balance. Due to the increasing number of transactions involving McCaleb, the team Ripple reached an agreement with Stellar’s co-founder to limit the amount of XRP he could sell. This agreement prevented him from unloading more than the maximum amount he could sell.
McCaleb sold around $10,000 worth of XRP at the beginning of the year. Over the next couple of years, the number of transactions involving McCaleb increased. From 2018 to 2019, he sold around a billion dollars worth of cryptocurrency each year.
The price of XRP took a significant hit following McCaleb’s announcement in 2014. It dropped significantly on various exchanges and gateways. It is similar to XRP’s reaction every time after a dump announcement. However, XRP has been recovering after a few days following the plunge.
XRP Seems Ready to Make Some Noise
Despite McCaleb’s final dump, the XRP price is currently in a range that’s been formed recently, and it’s trying to stabilize above that midpoint to trigger a run-up. The bullish momentum is also in place, which suggests that the bulls are ready to take the next step higher.
The price of XRP rallied around 8% between July 7 and 8. It occurred as the price of the remittance token increased from the June 18 to June 24 range. The resistance level at the upper part of this range is currently around $0.336, while the support level is around $0.286.
XRP has gained ground due to the recent spike in bullish momentum. This move indicates that the altcoin is ready to move higher. Despite the recent decline, it’s still trying to stabilize above its key level.
If the market can break above the resistance level at the upper part of the range, investors can start to open long positions and target the next resistance at around $0.387. After that, they might sell their positions or hold them until the next target at around $0.439.
If the price of XRP fails to stay above the resistance level at around $0.336, it could indicate that the buyers are not strong enough to take the next step higher and an extension of the current decline is unlikely. Furthermore, a four-hour candle close below the support level at $0.286 could invalidate the bullish thesis of the company.
Ripple Price Prediction; Where Is XRP Headed?
Let’s take a look at the price prediction of XRP. While it is generally considered a good idea to follow a short-term trend, it is also important to note that these predictions are often wrong. Also, the longer-term trend can change at any moment.
According to CryptoNewsZ, XRP could reach around $0.60 by the end of this year. Then, it could go up to around $0.90 in 2023. In 2024, it predicts that the coin will go up to $1.20, but in 2025, it projects that it will trade between $1 and $1.50. Its forecaster also believes the coin could reach as high as $2.20. On the other hand, it could go as low as $1.70 in the following year.
PricePrediction.net, another site, has a positive outlook on the future of the cryptocurrency industry, stating that the average price of the coin will increase over the next nine years. It projects that the digital asset price will be around $0.49 in 2022, $0.73 in 2023, $1 in 2024, and $1.53 in 2025. The site additionally states that the cryptocurrency price will hit an all-time high of $2.28 in 2026 and then go up to around $3.35 in 2027.
LongForecast, on the other hand, is more pessimistic. It projects that the cryptocurrency price will fall to around $0.23 in 2022 and then plummet to around $0.15 in 2023. It also predicts that the price of the coin will not recover until August 2024. However, it believes that the worst of the situation will not be over, and in August 2026, the cryptocurrency price will be around $0.06.
Another site, WalletInvestor, is more optimistic about the future of cryptocurrency, stating that it believes that the price of the coin could reach $0.57 in 2023. It then predicts that the price of cryptocurrency will go up to $1.56 in 2027.
The Ripple Case Could Be a Major Turnover
The Securities and Exchange Commission shocked the tech world almost a year ago by suing blockchain startup Ripple. The case has become one of the most closely watched legal skirmishes in the crypto world.
The case revolves around the issue of whether or not the company’s global operations should be subject to the jurisdiction of the Securities and Exchange Commission, which only allows it to operate in the US. If the agency wins, it could significantly impact the entire crypto market.
The case is not likely to be over until 2023, and it’s important to note that the future price of XRP will depend on the court case outcome. The main issue with the case is that it involves the alleged registration of security not registered with the US Securities and Exchange Commission. It has kept the price of the cryptocurrency down as potential investors look for something with a less likelihood of failure.
If the court rules in favor of the company, the price of XRP could go up. However, it’s also possible that the digital asset could become a dead coin.