Altcoin
XRP Price Falls 5% As Ripple Unlocks 1 Billion Coins
XRP News: XRP price today sparked bearish market sentiments across the crypto landscape, tanking nearly 5% against the backdrop of Ripple’s 1 billion token unlock. On-chain data indicates that the American blockchain payments firm unlocked a whopping 1 billion coins from escrow, raising concerns among market watchers despite the native token being on a price rally. XRP price today tanked nearly 5%, although weekly and monthly charts indicated 6% and 11% gains, respectively.
Ripple Unlocks 1Bln Coins From Escrow Raising Concerns Over XRP Price
According to data revealed by the blockchain tracker Whale Alert, 1 billion XRP was unlocked from Escrow via Ripple on October 1, making buzz-worthy news for the crypto space. As per the data, the American blockchain payments firm executed the massive unlock via three transactions. Notably, the three transactions encompassed 500 million coins, 400 million coins, and 100 million coins. The unlock as a whole boasted a value of $621.76 million.
Intriguingly, these massive unlocks, increasing the asset’s circulating supply, raise investor concerns primarily due to the law of supply and demand. As evident, XRP price illustrated a nearly 5% dip over the past day, adding to concerns in light of the escrow unlock.
Nevertheless, recent market stats underscore a bullish trend for the American blockchain firm-backed crypto. A recent CoinGape Media report illustrated that whale accumulations for Ripple’s native coin are considerably on the rise. Moreover, the blockchain payments firm’s stablecoin-related developments add to the optimism. Recently, 80,000 RLUSD was minted, as per another CoinGape Media report. These developments amid the token’s broader rally have tipped the balances towards the bullish side despite the massive unlock.
Coin’s Price Performance
XRP price today encountered notable turbulence in the wake of the massive unlock, plunging into the red territory. The token’s price rested at $0.6214, down nearly 5% in the past 24 hours. Further, its intraday low and high were registered as $0.611 and $0.6524, respectively. Nonetheless, weekly chart showed a 6% gain in the asset’s value, accompanied by an 11% gain in the monthly time frame. This broader upswing has sparked bullish sentiments for the asset.
Meanwhile, Coinglass data today illustrated that XRP futures OI slipped 7% to $956 million. Also, the derivatives volume dipped 50% to $2.21 billion, sparking uncertain investor speculations.
Nevertheless, another CoinGape Media report reveals a phenomenal rally in XRP price by Christmas. The coin may witness a drastic shift in price, with a potential $3 target hovering over the horizon. Crypto market participants continue to extensively eye the token for further shifts ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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