Ripple, 1 milyar XRP$XRP
’ from the escrow wallet. The price of XRP is decreasing on a daily basis, while increasing on a weekly and monthly basis. Analysts are making optimistic predictions that XRP may gain value in the coming period.
In the cryptocurrency market, XRP lost 5% of its value after Ripple released 1 billion coins. On-chain data shows that the American blockchain payments company has removed 1 billion XRP from its escrow wallet. This has raised concerns among market observers as the price of the network’s main asset has soared.
According to data from blockchain tracker Whale Alert, Ripple released 1 billion XRP from its wallet on Oct. 1. This transaction was carried out in three separate transactions: 500 million, 400 million and 100 million XRP. In total, the value of the released assets reached $621.76 million.
This high amount of unlocked XRP has increased the circulating supply, raising concerns among investors about the balance between supply and demand. In the last 24 hours, the price of XRP has dropped by 5% to $0.6214. The lowest and highest prices recorded during the day were $0.611 and $0.6524, respectively.
On the other hand, weekly charts show that the value of XRP has increased by 6%, and monthly charts show that it has increased by 11%. This general rise draws an optimistic picture for the cryptocurrency backed by the American Blockchain company. In addition, it is observed that large investor (whale) accumulations in Ripple’s cryptocurrency are increasing.
Ripple’s latest stablecoin developments are also creating a positive atmosphere. According to the data, Ripple recently printed 80,000 RLUSD. In light of the general rally in the cryptocurrency market, these developments support market optimism despite the major lock-ups.
According to Coinglass data, open interest (OI) in XRP futures decreased by 7% to $956 million. Additionally, derivatives trading volume decreased by 50% to $2.21 billion, creating uncertainty among investors.
Analysts predict that the price of XRP could see a significant change by Christmas. The expectation that the altcoin could approach the $3 target is being closely followed by cryptocurrency market participants.
The fluctuations in the price of XRP reflect the impact of Ripple’s large amount of coin unlocking. However, the weekly and monthly uptrends point to the cryptocurrency’s long-term potential. Investors continue to act cautiously, balancing supply growth and market expectations.
