Ripple Unlocks 1Bln Coins From Escrow Raising Concerns Over XRP Price
XRP price today sparked bearish market sentiments across the crypto landscape, tanking nearly 5% against the backdrop of Ripple's 1 billion token unlock.
Blockchain tracker Whale Alert reported that 1 billion XRP was unlocked from Escrow by Ripple on October 1. The American blockchain payments firm carried out the massive unlock via three transactions.
The three transactions included 500 million coins, 400 million coins, and 100 million coins. The total value of the unlock was $621.76 million.
These large unlocks increase the asset’s circulating supply, which raises investor concerns, especially in the context of the law of supply and demand.
As observed, XRP price depicted a nearly 5% decrease over the past day, heightening concerns in light of the escrow unlock.
However, recent market statistics indicate a bullish trend for the crypto backed by the American blockchain firm.
A recent CoinGape Media report highlighted that whale accumulations for Ripple’s native coin are significantly increasing.
Moreover, the blockchain payments firm’s stablecoin-related developments contribute to the optimism.
As reported by CoinGape Media, 80,000 RLUSD was minted recently.
These developments, occurring amidst the token’s broader rally, tip the scales towards bullish sentiments despite the massive unlock.
Coin’s Price Performance
XRP price encountered significant turbulence in the wake of the massive unlock, plunging into the red territory. The token’s price stood at $0.6214, displaying a nearly 5% decrease over the past 24 hours.
Its intraday low and high were recorded as $0.611 and $0.6524, respectively.
Despite the daily price decline, the asset’s value showcased a 6% gain on the weekly chart and an 11% increase on the monthly chart. This broader upswing sparked bullish sentiments for the asset.
Coinglass data revealed that XRP futures OI decreased by 7% to $956 million. Additionally, the derivatives volume dropped by 50% to $2.21 billion, indicating uncertain investor speculations.
As reported by CoinGape Media, XRP price is set to witness a phenomenal rally by Christmas. The coin may experience a drastic shift in price, with a potential $3 target on the horizon. Crypto market participants are keeping a close watch on the token for further price movements.
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