XRP in the cryptocurrency market today$XRP

There was a drop in its price, which created a negative atmosphere among investors after Ripple released 1 billion tokens. According to on-chain data, American blockchain payments company Ripple unlocked a large amount of XRP on October 1. This move caused concern among investors as the increase in supply affected the balance of demand. While its weekly and monthly performance looks positive, the token’s value has fallen by 5% in the last 24 hours.

Ripple Announces Unlocking of 1 Billion XRP

According to data shared by blockchain tracker Whale Alert, Ripple has unlocked 1 billion XRP, and this development has caused a huge stir in the crypto world. The transaction was carried out in three different stages, and 500 million, 400 million, and 100 million XRP were unlocked, carrying a total value of $621.76 million. This move is considered a critical step in Ripple’s future plans. However, the release of such a large amount has caused concern among investors by disrupting the supply-demand balance. The price of XRP has declined by 5% in the last 24 hours, and this is directly related to the unlocking process. Investors continue to discuss the effects of the sudden supply increase on the XRP price.

RLUSD Studies Gained Speed

The price of XRP has experienced a significant drop after the unlock process and is currently trading at $0.6214. This represents a 5% decline in the last 24 hours. The lowest and highest levels during the day were recorded as $0.611 and $0.6524, respectively. These price fluctuations have caused investors to act more cautiously in the market. Although the XRP price has decreased in the short term, a 6% weekly and 11% monthly increase is noteworthy. This shows that there is still a positive outlook for XRP in the long term. The increase in XRP accumulation by large investors (whales) and Ripple's stablecoin projects have a positive impact on the market.

One of Ripple’s most notable projects, the RLUSD stablecoin, is being closely followed by investors. The company recently accelerated its stablecoin work by printing 80,000 RLUSD. These new steps by Ripple are considered strategic moves to strengthen its presence in the crypto world. Despite the decline in the XRP price, some experts believe that XRP will perform strongly in the long term. Crypto analyst Myles G Investments predicts that XRP could reach $3 by the end of the year and made a remarkable prediction on social media, saying, “XRP will be $3 by Christmas. Laugh now, cry later.” This comment sparked discussion among investors.

Myles G Investments states that this level will not be the peak of the bull cycle, but rather the starting point of the cycle. These predictions encourage XRP investors to be prepared for unexpected price movements by the end of the year. However, the current price fluctuations have caused mixed feelings among investors. The possibility of an appeal by the US Securities and Exchange Commission (SEC) against Ripple increases uncertainty in the market and emphasizes that investors should be careful. It is thought that if Ripple’s legal battle with the SEC yields a positive result, there could be a significant increase in the XRP price.

According to the latest data, XRP market volume is also decreasing. According to data provided by Coinglass, XRP futures open interest decreased by 7% to $956 million. In addition, derivatives trading volume decreased by 50% to $2.21 billion. This situation creates uncertainty among investors, and it is predicted that XRP price fluctuations will continue for a while.