XRP Price Rally Threatened As Ripple Unlocks 1 Billion Tokens
01 Novembre 2023 - 7:00PM
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The XRP price rallied as recent reports from leading on-chain
crypto tracker Whale Alert have revealed that Ripple Labs, the
blockchain-based payment firm, has unlocked another 1 billion XRP
as part of its monthly token unlock program. Origin Of Ripple
Customary 1 Billion XRP Routine Today, the firm has unlocked yet
another 1 billion tokens, performed in three separate transactions.
Crypto tracker Whale Alert took to X (formerly Twitter) to share
the alert with the crypto community, as each whale transaction was
made one after the other. Related Reading: Ripples Returns 80% Of
Unlocked XRP For August Back To Escrow According to data from Whale
Alert, the first transaction performed with the escrow account
unlatched a significant 100 million XRP tokens, valued at
approximately $59.98 million. The second transaction made by the
escrow account was 400 million XRP, valued at around $239.92
million. Meanwhile, the last transaction saw a total of 500 million
XRP valued at approximately $299.9 million, making it a whopping 1
billion XRP valued at around $599.8 million. The price of XRP
temporarily dropped in reaction to this announcement, which saw the
token falling by about 3% that same day. But this decline was soon
overcome, and as of right now, the digital assets are trading at a
slight discount of 0.8% to its closing price from the previous day,
according to CoinmarketCap. However, it is noteworthy that XRP had
a strong day before the day before the unlocking, rising as high as
10.5% at one point and finishing the day with a 3.74% price
increase. Currently, it is roughly trading at $0.6, presenting its
highest price since August. Related Reading: XRP Whale Transactions
Spike To 3-Month High As Smart Money Buys So far, the company has
yet to announce its initial plan for the recently released 1
billion XRP. In light of last’s month 1 billion XRP release, Ripple
immediately removed 800 million (80%) of the total XRP tokens
unlocked. Notably, the crypto firm spent approximately 205 million
tokens ($112.75 million) from its primary address, “Ripple 1,” in
October, even though it reserved about 200 million XRP. Due to
this, Ripple used about five million XRP in its balance from
earlier this month. Recent Partnership Set To Boost XRP The
company’s recent partnership with the web3 platform is expected to
elevate the XRP holdings on Uphold, thereby boosting the token’s
price. This is because Uphold has asserted that it will utilize its
expertise to buttress XRP on the market while leaving its current
customers’ XRP holdings untouched. In addition, the platform
will also give Ripple the liquidity it needs to handle cross-border
transactions. Ripple’s partnership with Uphold indicates increased
interest from the web3 financial platform in the XRPL ecosystem and
its utility token XRP, which powers transactions on Ripple
Payments. Featured image from Ripple, chart by
Tradingview.com
Grafico Azioni Ripple (COIN:XRPUSD)
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