The price of XRP in the cryptocurrency market is Ripple 
$0.62915It lost 5 percent in value due to ‘s release of 1 billion coins. On-chain data shows that the American Blockchain payment company has removed 1 billion XRP from its escrow wallet. This has worried market watchers as the price of the network’s mainnet asset rises.
Release of 1 Billion XRP
According to data from blockchain tracker Whale Alert, Ripple released 1 billion XRP from its escrow wallet on October 1. The American Blockchain payment company made this major release in three transactions. These transactions consist of 500 million, 400 million and 100 million XRP, respectively. In total, the value of unlocked assets was recorded as $621.76 million.
Price Performance of XRP
This large amount unlocked increased the circulating supply of XRP, raising concerns among investors about the law of supply and demand. In the last 24 hours, the price of XRP dropped by 5 percent to $0.6214. The lowest and highest prices during the day were recorded as 0.611 and 0.6524 dollars, respectively.
On the other hand, the weekly chart reveals that the value of XRP increased by 6 percent and the monthly chart increased by 11 percent. This general rise paints an optimistic picture for the cryptocurrency backed by the American Blockchain company. On the other hand, whale savings on Ripple’s cryptocurrency appear to be increasing.
Ripple’s developments regarding stablecoin also create a positive atmosphere. Data shows that Ripple last minted 80 thousand RLUSD. Considering the cryptocurrency’s overall rally, these developments fuel optimism in the market despite the large lock openings.
According to Coinglass data, open interest (OI) in XRP futures decreased by 7 percent today, falling to $956 million. Additionally, derivatives volume decreased by 50 percent to $2.21 billion. This situation created uncertainty among investors.
Analysts predict that the price of XRP may experience a significant change by Christmas. Analysts expect the altcoin to approach the $3 target. Cryptocurrency market participants continue to closely monitor possible movements in the altcoin.
The fluctuation in XRP’s price clearly shows the impact of Ripple’s massive coin unlocking. However, weekly and monthly upward trends point to the long-term potential of the cryptocurrency. Investors continue to act by balancing supply growth and market expectations.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
