Ripple Releases 1 Billion XRP, Cryptocurrency Market Faces Test: Can Prices Hold Steady?
Ripple released 1 billion XRP coins yesterday, worth approximately $1.92 billion at current prices. They do this every month, releasing this many coins on the first day of each month. According to their plan, a total of 55 billion XRP will be released, which has already accounted for more than half of the total supply of this cryptocurrency. They do this to let everyone know that the supply of XRP is quite regular.
Ripple currently holds about 37.24 billion XRP. However, after releasing these coins, some may have been locked back up, so we need to see how many are actually in the market now.
XRP has been quite popular recently, and releasing such a large amount, especially at such a high price, may make some novice investors a bit anxious. However, while the price did drop a bit on the first day, it was only 2.4%, which is almost negligible compared to the previous gains.
Despite some fluctuations, XRP's price is still higher than the opening price. This indicates that the market is still able to absorb these newly released coins without causing any major turmoil.
In the next few days, especially on Monday, we need to see how XRP performs under high trading volume. As it stands, XRP seems quite stable at the beginning of December, even though the release of coins has drawn attention from everyone.
