Ripple Unlocks Another 1 Billion XRP Today, Price Drops By 6%

Continuing its programmed injection of more coins into circulation, Ripple has once again withdrawn 1 billion XRP at a price of $811.39 million.

Continuing its program for injecting more coins into circulation, Ripple has once again withdrawn 1 billion XRP at a price of $811.39 million. This process has been carried out on a regular basis since 2017, on the first day of a each month.

Ripple Unlocks Another 1 Billion XRP

According to large crypto fund tracker, ‘WhaleStats’, on April 1st, Ripple withdrew one billion XRP from its escrow account in two installments of 500 million XRP each.

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According to the blockchain details of each transaction, as reported by WhaleStats, the XRP funds, unlocked in the early hours of today, were worth an approximate $811.39 million.

XRP Plummets Following Unlocked Funds

The news of the recently unlocked XRP had a negative impact on the cryptocurrency’s price. Over the last 24 hours, the price of XRP has dropped by 6%, leading to lows as far as $0.7808.

XRP (XRP) is now trading at $0.8166, as of this writing, with its market capitalization dropping to $39.3 billion. As a result of the plunge, XRP forfeited its ranking as the sixth-largest crypto to Solana.

On the Flipside

  • Despite its plunging prices, Ripple has reported 130% yearly basis growth in Asia-Pacific transactions amid emerging use cases for its RippleNet.

Why You Should Care

According to Ripple, the locked XRP released monthly is being used to provide more predictability to the XRP supply.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia