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The hype surrounding Ripple’s XRP token throughout 2017 created a large community and carried over into 2018 and 2019, but this investor community appears to have disbanded recently.

A lack of significant banking partnerships and weak utilities have taken interest in the coin off a cliff, slowing the cryptocurrency’s growth.

Having said that, it is still one of the largest cryptocurrencies by market cap, and a large number of investors from 2017 and beyond are still holding on to their tokens in the hope that it will grow and be adopted in the future.

One short-term event that could put pressure on the cryptocurrency is the transfer of $115 million worth of tokens by early Ripple executive Chris Larsen.

The tokens may have been moved from his wallet to be sold via OTC.

Any pressure the news may put on the cryptocurrency is likely to be offset by the secondary market token purchases Ripple has made in recent months.

XRP price remains stuck in $0.20 range as Ripple starts buying

The price of XRP has struggled to gain any significant momentum in recent days and weeks, remaining stalled in the mid-$0.20 region.

At the time of writing, XRP’s current price is $0.23, rising slightly. That's about where it's been trading over the past few days and weeks.

XRPUSD Chart via TradingView

During the peak of the recent market-wide uptrend, its price briefly rose to $0.32 before facing heavy selling pressure.

One recent trend that could strengthen XRP is the secondary market buying of Ripple that has been going on. They touched on this in their Q2 2020 update, saying: “A healthy, orderly XRP market is needed to minimize costs and risks for customers, and Ripple plays a responsible role in the liquidity process Role…that is, Ripple has always been a buyer in the secondary market and may continue to make purchases in the future at market prices.”

Former Ripple executive moved $115 million worth of cryptocurrency

According to the latest records from wallet tracking platform Whale Alert, Ripple co-founder and former executive Chris Larson
Larsen just moved over $115 million worth of XRP.

“499,999,979 XRP (115,847,491 USD) transferred from Chris Larsen to an unknown wallet.”

He later stated in a follow-up tweet that the tokens had been moved to NYDIG
– An encrypted hosting solution. However, some users have observed that this will be a platform through which someone can sell large shares of the token OTC.

It’s unclear whether he plans to sell the tokens, but his possible exit from the ecosystem could dampen investor sentiment.