XRP price appears to have in the concluding phase of accumulation, where-in a breakout may lead towards $1 initially
Some other indicators however point out towards an upcoming ‘Mega-Bull Rally’ that could clear the barriers towards its ATH very soon
XRP price despite being much undervalued for a very long time did not stop attempting to ride higher. Series of FUD and misconceptions hindered the way, yet failed to drag the price to the bottom levels. No doubt, the Ripple price for a couple of months is struggling hard to hit $1, yet it has sustained above $0.5 amid massive sell-off and a couple of crashes too.
However, still, the price is believed to go high close to its ATH, sometime in near future. And below mentioned are the catalyst for the XRP bull run.
Jed McCaleb Running Out of XRP
The co-founder of Ripple Labs Jed has almost sold out 25% of the founder’s rewards of 9 billion in 2021 alone. However, he has sold a total of $4.65 billion XRP since 2014. Despite the sale, the XRP price ranged from $0.22 to $1.96 and is up over 12000% since 2014. It is believed that Jed is left with 1.1 billion XRP and considering the past 6 months sell-off pace, the remaining XRP will be liquidated by mid-September. Therefore leaving no room for a large XRP dump later.
The Flare Netwrok Going Live
The Flare network is expected to go live soon, probably sometime in Q2. Also, the platform has laid down a final plan for distributing Spark tokens for the XRP holders. The holders will receive 15% of the claimed XRP as the network goes live and an average of 3% for the next 25 to 34 months. This can be considered as one of the bullish indications for XRP price.
SEC & Ripple Settlement
The Ripple and SEC settlement is heading towards a crucial phase where-in the possibilities of closure may be on the way. As the SEC is still not able to provide hard-hitting evidence, the case is just getting delayed time on time. The Ripple’s plea for deposition of former SEC exec William Hinman is scheduled in the next few hours.
The asset is rumoured to get relisted on one of the leading exchanges Coinbase on July 28. If the rumour goes true, then most of the exchanges may also follow Coinbase in relisting XRP. Other exchanges include Binance US, OkCoin, Kraken, Blockchain.com and Bittrex. This is one of the most bullish indicators as the delisting of XRP from Coinbase has hampered the price to a large extent.
XRP Q1 performance
XRP price despite a 70% drop from its yearly highs of around $1.96, still topped the leader board of top-performing crypto in Q1 of 2021. While the other assets like BTC, XLM, LTC are down by 40.38%, 30% & 26.5%, XRP’s performance is more than 21%. Also the second largest crypto Ethereum is also behind XRP with 18% growth. Hence the upcoming quarters may also be much fruitful for the asset.
Currently, the entire crypto space is experiencing an extreme drain-off, maybe due to some external factors or the strengthened bear army. And hence amid the market trend, XRP price also may be impacted. But as the events mentioned above occur one by one, then the Ripple price could regain bullish momentum.