Monat: Juni 2022

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How can Shiba Inu avert a brutal sell-off in the coming weeks?

Shiba Inu is currently trading sideways along a declining trend line. The coin has also managed to consolidate above an important support zone, but upside momentum has been very limited. SHIB is staring at a brutal sell-off in the coming weeks, but this could be avoided if certain conditions in the market materialize. 

Key Points – 

  • SHIB has finished a consolidation phase without really breaking out.

  • This shows weakness, and the token could fall below the $0.0000101 support.

  • The coin will phase a 40% wipeout from its current price if this happens.

Data Source: TradingView 

How can SHIB avoid this decline?

It’s very difficult right now to see any decisive bullish run for SHIB. The market in general has not favored meme coins. In fact, after crashing in May, SHIB has recovered very modestly compared to other coins. It has also traded sideways for the past two weeks along a declining trend line. 

This suggests that there is no momentum for any real bull run. So, to avoid a sell-off, the meme coin needs to hold the $0.0000101 support. So far, SHIB is slightly above this, and we have not seen any bear pressure. 

However, as market conditions change, a dip below$0.0000101 could come in the next week or so. When this happens, it will trigger a major sell-off that could push SHIB lower by nearly 40%. Recovery from this fall may also not be as quick as we want.

What Happens to SHIB investors?

It’s just a wait and see game for now. The biggest test will be how long the coin holds off bears above the $0.0000101. 

If indeed SHIB is able to close the week above this price, then bulls can take a breather. But still, upward momentum for SHIB is highly limited at the moment.

The post How can Shiba Inu avert a brutal sell-off in the coming weeks? appeared first on CoinJournal.

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Ripple co-founder Jed McCaleb has sold 70 million XRP in two weeks

Ripple co-founder Jed McCaleb sold nearly 70 million XRP over the past two weeks, data from XRPscan shows.

According to the data, the “tacostand” wallet has sold 69.11 million XRP, with over 20 million of these hitting the market in the past six days. Overall, the latest selling started on 24 May, coinciding with a dip in the XRP price.

In total, he has sold over 5 billion of the total 9 billion XRP he received as Ripple co-founder. Meanwhile, the tacostand wallet address shows a balance of nearly 183 million XRP.

The ex-Ripple CTO, who exited the company in 2013, still owns more than 3 billion XRP in holdings periodically released to him by Ripple.  

XRP price

XRP traded around $0.39 on Monday, about 6.1% in the past two weeks. The XRP/USD pair briefly rallied to highs above $0.42 on 31 May, before retreating as the crypto market tanked. In the past 24 hours, the 7th ranked cryptocurrency has gained about 2%.

Predictions are that a win for Ripple against the US Securities and Exchange Commission (SEC) could spur positive price movement. But for now, XRP remains 88% off its all-time high of $3.40 reached on 7 January 2018.

McCaleb co-founded Stellar (XLM)

McCaleb is the co-founder of the Stellar (XLM) cryptocurrency, a Ripple rival in the cross-border payments sector. He also founded the defunct Mt. Gox, a Bitcoin exchange that shutdown following a major hack in 2014.

Forbes currently lists McCaleb as the 1414th wealthiest person in the world with a net worth of over $2.2 billion (as of 6 June 2022).

The post Ripple co-founder Jed McCaleb has sold 70 million XRP in two weeks appeared first on CoinJournal.