Ripple's first CTO, Jed McCaleb, has released around 70 million XRP from his wallet called "tacostand" in the last 14 days. Jed McCaleb suspended XRP sales on September 1 last year and restarted it in early January.
Since May 24, it has sold 69.11 million XRP from the eight billion Ripple-linked tokens it received as compensation when leaving Ripple Labs to create rival Stellar.
He gradually received XRP compensation, one of the terms of the exit contract, to prevent him from selling all eight billion at once, thereby saving the market from the sale of XRP, which would drive the price down. Overall, since the beginning of the year, Jed has sold over half a billion XRP.
XRP has seen the least gains since yesterday, up just 2.88%. XRP has bounced back to the $0.40 level, confirming the strength of the bulls. From another perspective, XRP continues to trade in the middle of a wide range between the $0.3644 support and $0.4684 resistance. In this case, the more likely scenario is for it to continue trading sideways around $0.40, thus bulls are accumulating more energy for further upsides.
While Ripple (XRP) went through a difficult period due to the SEC lawsuit, the legal process greatly affected the price. However, some experts and executives are optimistic about the future of XRP in the long run.
While many Ripple (XRP) investors seem to be giving up hope after XRP's poor performance in recent months, Matt Hamilton, Ripple's former director of growth, remains optimistic about XRP's price action. In his post on Twitter, Hamilton claimed that XRP will rise to $ 100 one day.
"I don't make price predictions. But I don't understand why XRP didn't reach $100 at some point. It's just a matter of time. If you said Bitcoin was going to reach $60,000 in 2009, they'd laugh at you."