The crypto market has recently been shaken by several major events. Among them, the release of 1 billion XRP by Ripple has drawn particular attention.
Release of 1 billion XRP
On October 1, 2024, Ripple released 1 billion XRP from its escrow account. This release is part of a larger monthly distribution plan of XRP, aimed at increasing the crypto’s liquidity and supporting the company’s operations. Currently, the nominal value of these 1 billion XRP is estimated at around 640 million dollars. Ripple uses these funds to finance its projects, boost the adoption of XRP, and maintain the stability of its crypto ecosystem.
Drop and Subsequent Rise of XRP
This massive release of XRP coincided with a significant drop in Ripple’s price, which fell by 4.26% in just 24 hours. This decline is part of a general downturn in the crypto market, influenced by several key factors, including concerns about a rise in interest rates in Japan following Shigeru Ishiba’s victory, geopolitical tensions following the assassination of Hassan Nasrallah, and weak economic data showing slowed growth and recession fears. However, the release of these 1 billion XRP by Ripple has fully played its role and stabilized the market. This strategy has strengthened crypto investors’ confidence and boosted the adoption of XRP, which is now up 1.78% in 24 hours, trading around $0.622.
Conclusion: Market Stability
Ripple’s release of 1 billion XRP, although significant for market liquidity, has managed to stabilize the crypto. The price of Ripple is now up 1.78% despite recent economic and geopolitical turbulence. Crypto investors are relieved and hope that this positive trend will continue.
Ripple’s release of 1 billion XRP has been a significant event that impacted the crypto market. Despite the initial drop, this action helped stabilize and increase the price of XRP, bringing confidence to crypto investors.
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