Ripple’s intermittent XRP token sales have always been pointed out for one of the following reasons: XRP’s lukewarm price action. Once again, concerns have been raised as cryptocurrency companies have recently offloaded significant amounts of XRP. about negative impacts To crypto tokens.
Ripple offloads 240 million XRP.
On-chain data It shows that Ripple transferred a total of 240 million XRP tokens to an unknown address in two separate transactions. The first transaction occurred on March 5 when 100 million XRP was sent to the address in question. Then, on March 13th, the Ripple wallet again transferred 140 million XRP to this address.
Such transactions were frowned upon. XRP Community I am wondering if these sales may be the reason for the recent collapse in the price of XRP. especially, Cryptocurrency token rise It rose to $0.74 on March 11 before a sharp correction occurred.
It’s worth mentioning Price of XRP The crash occurred on March 5, the day the first transaction was made. According to data from CoinMarketCap, the cryptocurrency token, which had been trading as high as $0.65 that day, fell to $0.55 on the same day. However, it is still unclear whether Ripple’s actions are directly responsible for this price drop.
meantime, Price of XRP It was fairly stable on the second day of trading, but still down from the weekly high of $0.7 hit on March 11th. Ripple sells XRP The market debate continues to be a lively debate within the industry. XRP Community.
Pro-XRP cryptocurrency YouTuber Jerry Hall previously claimed The thing is that Ripple is suppressing the price of XRP with its monthly sales volume. But also report The sale of Ripple will not affect prices on cryptocurrency exchanges.
If not Ripple, then who?
Ripple’s price action defies logic, especially considering that: Token Basics and technical analysis We suggest that it is suitable for parabolic motion. That’s why talk of possible market manipulation continues to persist. It’s also understandable that all fingers are immediately pointing to Ripple. Largest XRP Holder.
But in reality, if Ripple is not responsible Stagnant Price Action for XRP, then we need another explanation as to why XRP continues to underperform. Although the cryptocurrency token continues to rank among the top 10 largest cryptocurrency tokens by market capitalization, it is worth mentioning that it is one of the few tokens with a negative year-to-date (YTD) gain.
As of this writing, XRP is trading around $0.61 over the past 24 hours. data From CoinMarketCap.
Token price at $0.6 | Source: XRPUSDT on Tradingview.com
Featured image from BitIRA, chart from Tradingview.com
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