Ripple’s occasional sale of XRP tokens has always been cited as one of the reasons for Warm XRP Price Action. Once again, the recent transfer of a significant amount of XRP by the crypto firm has raised concerns. about its negative effect in the cryptographic token.
Ripple offloads 240 million XRP
Data on chain shows that Ripple transferred a total of 240 million XRP tokens to an unknown address in two separate transactions. The first transaction took place on March 5th, when he sent 100 million XRP to the address in question. Then, on March 13, the Ripple wallet again transferred 140 million XRP to this address.
These transactions aroused suspicion and members of the XRP Community are wondering whether these sales may have been the reason why the price of XRP has fallen recently. Notably, crypto token rose to $0.74 on March 11 before seeing a sharp correction.
It is worth mentioning that XRP Price it crashed on March 5, the day the first transaction was made. Data from CoinMarketCap shows that the crypto token, which was trading at $0.65 on the day, fell to $0.55 on the same day. However, it remains unclear whether or not Ripple’s action was directly responsible for this price drop.
About that, XRP Price remained quite stable on the day the second transaction occurred, although it was still falling from its weekly high of $0.7 recorded on March 11. Ripple’s XRP Sales in the market continues to be hotly debated among those in the XRP Community.
Pro-XRP Crypto YouTuber Jerry Hall previously claimed that Ripple was suppressing the price of XRP with its monthly sales. However, there was also a report that the sale of Ripple does not affect prices on cryptocurrency exchanges.
If not Ripple, then who?
Ripple’s price action defies logic, especially considering that the token fundamentals It is technical analysis suggest it is well prepared for a parabolic move. This is why conversations about possible market manipulation continue to persist. It is also understandable that all fingers would instantly point towards Ripple since they are the biggest XRP holders.
However, if Ripple is not in fact responsible for XRP Stagnant Price Action, then there needs to be another explanation for why XRP has continued to underperform. While the crypto token has continued to rank among the top 10 crypto tokens by market cap, it is worth mentioning that it is one of the few tokens that has a negative year-to-date (YTD) gain.
At the time of writing, XRP was trading at around $0.61, up over the last 24 hours, according to 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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