Ripple Transfers 3 Billion XRP Tokens, Raising Market Stability Concerns

2024-6-3 23:00

Ripple’s XRP token has experienced substantial activity over the past 24 hours, drawing attention from the crypto community.

Blockchain tracker Whale Alert reported the transfer of 3 billion XRP tokens, valued at approximately $1.5 billion, in several transactions. This large-scale movement has sparked concerns about potential price impact.

Ripple Escrow Activities Triggers Market Concerns

Typically, Ripple releases around 1 billion XRP tokens from its escrow wallet at the beginning of each month. However, this month’s unusual asset movements have surprised the community, leading to various speculations about these transactions.

Crypto commentator Marty Party noted that the 3 billion tokens represented 5.45% of XRP’s total circulating supply and were transferred between Ripple-affiliated wallets within 30 minutes. Some community members clarified that these asset movements were standard fund consolidations related to escrow activities. They highlighted that of the 3 billion tokens, 1 billion worth $520 million was unlocked from Ripple’s escrow address.

“Majority of these are internal movements and escrow relock ups. Everyone it says ‘unknown’ account the bot was wrong and it was still a Ripple account,” crypto analyst Michael Nardolillo explained.

Read more: Ripple (XRP) Price Prediction 2024 / 2025 / 2030

Whale Alert Posts About Large XRP Transactions. Source: X (Twitter)

Historically, XRP’s price tends to fluctuate in response to Ripple’s escrow releases, often influenced by the prevailing market sentiment. Despite a 1% decline in the last 24 hours, XRP’s price remains stable at $0.51, indicating that the recent escrow release has not significantly impacted its performance.

However, some market experts believe the token release could introduce additional selling pressure, hindering XRP’s potential recovery. Reports suggest Ripple may be preparing for its largest monthly XRP dump since 2017, reserving 400 million XRP tokens worth $208 million for a sell-off in June.

Read more: How To Buy XRP and Everything You Need To Know

These actions would have a telling impact on XRP’s price. While XRP remains among the top ten cryptocurrencies by market cap, it has been one of the worst-performing major tokens this year. According to Tradingview data, XRP’s value has dropped 18% year-to-date, with only Cardano’s ADA performing worse, showing a 27% decline.

The post Ripple Transfers 3 Billion XRP Tokens, Raising Market Stability Concerns appeared first on BeInCrypto.

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ripple xrp market transfers billion tokens concerns

Источник: beincrypto.com

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