XRP Co-Founder and Ethereum Foundation Are Cashing Out, Is There Cause For Concern?
Recently, the XRP price fell to $2.38. This fall came right after the news that the co-founder of Ripple, Chris Larsen, sold 120 million XRP tokens. The Ethereum Foundation also transferred 160,000 ETH. This, too, has sparked concerns of possible market sales.
As the key players in both Ripple and Ethereum cashed out, should investors become concerned? We will decompose what this will entail in the market and how this is likely to affect these top cryptocurrencies.
XRP Price Hits a Bump as Co-Founder Dumps $120 Million in Tokens
The XRP price suffered a blow recently. The token fell 2.50% after on-chain records indicated that Chris Larsen, co-founder of Ripple, sold $120 million XRP tokens. The huge sell-off cast doubts on the future of XRP, especially with so many tokens being sold.
This sell-off was timed with the fall of XRP price by 2.50% and this created a fear among the retail traders. The move also casts doubt on whether the insiders of Ripple are losing hope in the price trend of XRP.
Market analysts have been quick to suggest that Larsen’s actions might be a warning to others. His sale also follows the announcement of Ripple acquiring GTreasury. Now, some feel that this could be part of a plan to finance the acquisition. Irrespective of the motives behind it, these actions have raised arguments regarding the long-term stability of XRP.
If XRP’s price continues to face downward pressure, it could test lower support levels around $2.16 or even $1.94. However, long-term holders still show conviction.
Ethereum Foundation’s Large ETH Transfer Sparks Concerns
The Ethereum Foundation also made headlines. This followed a recent move of 160,000 ETH, worth approximately $654 million. This transfer raised eyebrows as the wallet used for the transfer had previously been associated with ETH sales.
While Ethereum’s co-Executive Director, Hsiao-Wei Wang, clarified that this transfer was part of a scheduled wallet migration, it still ignited speculation about possible market sales.
In the past, Ethereum Foundation’s large ETH transfers have preceded sales, which many in the community view with skepticism. The foundation had already sold 20,000 ETH earlier this year. This was mostly used in funding research, development, and grants.
The Ethereum price today is steadying at $3,836. However, it is still volatile. These transfers may be strategic or may point to internal selling pressure as the Ethereum network keeps growing and scaling.
However, it’s important to note that this large transfer has not yet been followed by market sales, which leaves the situation somewhat ambiguous. For now, Ethereum price prediction remains optimistic, though any significant sales could affect market sentiment in the short term.
Remittix Gaining Traction Amid XRP and Ethereum Concerns
As XRP and Ethereum face internal selling, Remittix (RTX) has been quietly gaining momentum. With its PayFi technology, the Remittix platform will be disruptive in the cross-border payment universe. It aims to offer faster, cheaper, and more user-friendly alternatives to traditional crypto-to-fiat bridges.
With its first CEX listing confirmed on BitMart and another listing coming soon on LBank, Remittix could be the next big thing in global payments. As XRP and Ethereum face challenges, Remittix continues to build a solid foundation and might emerge as a key player in the fintech space.
Explore Remittix as XRP and Ethereum Show Weakness
With XRP and Ethereum uncertain, Remittix is establishing its niche in the crypto industry. As Ripple and Ethereum are both undergoing internal selling, investors are monitoring emerging projects such as Remittix.
Remittix has the potential to gain market share in the payments business with its diverse community, robust fundraising efforts, and disruptive technology. Whether you’re holding XRP or Ethereum, now is the time to diversify and consider emerging projects like Remittix for future gains.
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Website: https://remittix.io/
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Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risk, including total loss of capital. Readers should conduct independent research and consult licensed advisors before making any financial decisions.
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