Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern
March 18 2024 - 9:00PM
NEWSBTC
Ripple’s occasional sale of XRP tokens has always been pinpointed
as one reason for XRP’s tepid price action. Once again, the crypto
firm’s recent offloading of a significant amount of XRP has raised
concerns about its negative effect on the crypto token.
Ripple Offloads 240 Million XRP On-chain data 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. Related Reading: Bernstein Analysts
Convinced Bitcoin Is Headed For $150,000, Here’s Why These
transactions have raised eyebrows, and members of the XRP community
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 XRP’s price 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, XRP’s price 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 XRP community. Pro-XRP
crypto YouTuber Jerry Hall previously claimed that Ripple was
suppressing XRP’s price with its monthly sales. However, there has
also been a report 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 token’s
fundamentals and technical analysis 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 largest
XRP holders. Related Reading: Crypto Analyst Predicts Further
Upside For Shiba Inu, Here’s The Target However, if Ripple is
indeed not responsible for XRP’s stagnant price action, 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 data
from CoinMarketCap. Token price at $0.6 | Source: XRPUSDT on
Tradingview.com Featured image from BitIRA, chart from
Tradingview.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Apr 2024 to May 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From May 2023 to May 2024