Ripple Dumped 240,000,0000 XRP Amid 17% Price Crash

Leading crypto payment firm Ripple has unloaded a staggering 240 million XRP from its March escrow unlock, coinciding with a period of price collapse.

Ripple Dumping 240M XRP

Data from XRPScan, a leading XRPL explorer, shows that Ripple has commenced selling XRP tokens for March. The first sale came on March 5, when the company’s wallet, identified as “Ripple 1,” moved 100 million XRP tokens to an untagged address.

At XRP’s market value of $0.6305, the transaction was worth $63 million. Meanwhile, Ripple’s most recent XRP sale on Wednesday has a more considerable monetary value.

Specifically, on March 13, Ripple transferred 140 million XRP, valued at over $94.5 million, to an external address. These two transactions suggest the payment firm dumped over $157 million in XRP in under two weeks.

XRP Price Took Impact

Notably, XRP’s market value exhibited volatility on the days these Ripple sales took place. For example, on March 15, XRP tanked by over 17% from a high of $0.6685 to a low of $0.5502. Similarly, on Wednesday, XRP crashed from the $0.7 threshold to $0.6727 amid Ripple sales.

However, XRP has recovered from the price collapse to an extent, reclaiming the $0.60 and $0.61 price territories as of press time. The crypto asset now trades for $0.6133.

Some members of the XRP community continue to attribute XRP’s longstanding unsavory performance to the inflationary pressure from Ripple’s monthly escrow unlock and the sales that follow.

– Advertisement –

Ripple’s XRP Escrow Execution

Notably, the 240 million XRP Ripple liquidated thus far stemmed from the firm’s March escrow.  As previously reported by The Crypto Basic, Ripple again diverged from the anticipated release of 1 billion XRP scheduled for the beginning of the month.

Specifically, Ripple unlocked only 500 million XRP from its escrow wallets. The second transaction, encountered a failure. Despite releasing only 500 million XRP this month, Ripple has replenished the escrow service with 800 million tokens, as customary.

Interestingly, this occurrence is not unprecedented. In February, Ripple successfully released 600 million XRP from escrow but the other half with 400 million tokens failed.

Nonetheless, the payment firm persisted in completing the month’s escrow execution by unlocking 400 million XRP on February 25. In parallel, the crypto community could witness another escrow release later this month, similar to February.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://thecryptobasic.com/2024/03/17/ripple-dumped-2400000000-xrp-amid-17-price-crash/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-dumped-2400000000-xrp-amid-17-price-crash