The post XRP Price Drops After Ripple Unlocks 1 Billion Tokens – What Next? appeared first on Coinpedia Fintech News
XRP took a 5% hit today, shaking up the crypto scene after Ripple unleashed a massive 1 billion tokens from escrow. While the unlock stirred up some bearish vibes, XRP’s still riding high with 6% weekly and 11% monthly gains, proving it’s got some fight left in it!
Ripple Unlocks 1 Billion Tokens
On October 1, Ripple unlocked a whopping 1 billion XRP tokens, valued at $621.76 million, across three major transactions, as reported by blockchain tracker Whale Alert. The unlock included transactions of 500 million, 400 million, and 100 million coins.
The influx of tokens into circulation triggered bearish market sentiment, sparking concerns over the increased supply and its impact on XRP’s price. The laws of supply and demand played out, as the XRP price plummeted by 5% in response to the sudden surge in available tokens.
Market Concerns and Price Performance
Despite the token unlocks, recent market data suggests a mixed outlook for XRP. Although the price saw a sharp drop, weekly and monthly performance charts indicated a 6% and 11% rise, respectively, signaling some resilience. Furthermore, on-chain metrics revealed that whale investors have continued to accumulate XRP, adding a bullish undertone to the recent dip.
Ripple’s involvement in stablecoin developments has also contributed to a cautiously optimistic outlook, with the minting of 80,000 RLUSD tokens recently reported, which adds to the broader rally narrative for XRP.
Future Outlook: Is a $3 Surge in Sight?
XRP $3 by Christmas Laugh now Cry later
— Myles G Investments (@MylesGinvest) September 29, 2024
XRP’s price was recorded at $0.6214 at the time of writing, down 5% within the last 24 hours, with intraday lows reaching $0.611. Despite the current dip, market reports indicate that XRP may still be on track for a potential rally towards $3 by Christmas. Speculators are watching closely, and while the futures open interest for XRP has dipped by 7%, hopes remain that the token could stage a major comeback.
Big things could be happening for $XRP soon!#XRPHolders https://t.co/XHAaVRwXwB pic.twitter.com/QM7ChskTNv
— Anup Dhungana (@CryptoAnup) September 29, 2024
Moreover, technically, if XRP fails to break above the $0.650 resistance, it may face further decline, with initial support at $0.6350 and major support around $0.6285. A break below $0.6285 could push the price towards $0.6120, with $0.600 as the next significant support. On the other side, the MACD is losing momentum, and the RSI remains above 50, indicating mixed signals. Key resistance levels are at $0.6500 and $0.6550.
With investor eyes glued to XRP’s movements, the coming months could see substantial shifts, especially as Ripple continues to make waves in the blockchain space.
