62
Ripple’s occasional sale of XRP tokens has always been pinpointed as one reason for . Once again, the crypto firm’s recent offloading of a significant amount of XRP has raised concerns on the crypto token.
Ripple Offloads 240 Million XRP
shows that Ripple transferred a total of 240 million XRP tokens to an unknown address in two separate transactions. The first transaction occurred on March 5, when it 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 have raised eyebrows, and members of the are contemplating whether these sales might have been the reason XRP’s price crashed recently. Notably, the crypto token rose to as high as $0.74 on March 11 before seeing a sharp correction.
It is worth mentioning that crashed on March 5, the day the first transaction was carried out. Data from CoinMarketCap shows that the crypto token, which was trading as high as $0.65 on the day, dropped to as low as $0.55 on the same day. However, it remains uncertain whether or not Ripple’s action was directly responsible for this price dip.
Meanwhile, was pretty stable on the day the second transaction occurred, although it was still declining from its weekly high of $0.7, recorded on March 11. The impact of Ripple’s XRP sales on the market continues to be heavily debated among those in the .
Pro-XRP crypto YouTuber Jerry Hall that Ripple was suppressing XRP’s price with its monthly sales. However, there has also been a that Ripple’s sale doesn’t impact prices on crypto exchanges.
If Not Ripple, Then Who?
Ripple’s price action defies logic, especially considering that the and suggest it is well primed for a parabolic move. That is why talks about possible market manipulation continue to persist. It is also understandable that all fingers instantly point to Ripple since they are the .
However, if Ripple is indeed not responsible for , then there needs to be another explanation for why XRP has continued to underperform. Although the crypto token has continued to rank in the top 10 largest crypto tokens by market cap, it is worth mentioning that it is one of few tokens that has a negative year-to-date (YTD) gain.
At the time of writing, XRP is trading at around $0.61, up in the last 24 hours according to from CoinMarketCap.
Token price at $0.6 | Source:
Featured image from BitIRA, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.