XRP Price Plummets After Ripple Unlock Token

Bittime - After Ripple made a large transaction with XRP, including locking 800 million tokens and withdrawing $500 million from escrow, the price of XRP fell below $0.58. 

Even though it reached $0.65 at the end of July, XRP has now experienced a decline of 4.56% to 6.31% in the last 24 hours.

XRP Price Plummets After Ripple Unlock

Blockchain payments company Ripple recently completed several XRP token transactions, the company sent 1 billion XRP tokens and locked 800 million of them. After that, they took out 500 million dollars from the escrow account for August. XRP price has fallen below $0.58.

XRP Price Declines Below $0.58

The price of XRP fell below the $0.58 threshold, coinciding with the transfer of some Ripple coins. Although on July 31, XRP outperformed most assets as it hit $0.65, all the value regained by XRP has been lost. The Bulls' pullback occurred as they failed to defend the important resistance level of $0.65.

Read Also: Tokenizing US T-Bills on the XRP Ledger: Everything You Need to Know

XRP Price Drops Over the Last 24 Hours

Over the last 24 hours, the token has fallen by 4.56% and 6.31%. XRP is still down 85% from its high point of $3.84 in 2018. Currently, its market capitalization stands at $32.14 billion, and its trading volume is down 1.88% to $1.95 billion.

Conclusion

Ripple carried out a number of large transactions with XRP tokens, including locking 800 million tokens and withdrawing 500 million dollars from an escrow account in August. Although XRP briefly topped $0.65 at the end of July and outperformed most other crypto assets, its price plummeted below $0.58.

To reflect the negative market sentiment towards XRP, its price fell by 4.56% to 6.31% in the last 24 hours. This drop is part of a broader trend, as , reached $1.95 billion.

Sharp price drops and high volatility indicate the volatility of the crypto market and the need for investors to remain alert to changes that could affect the value of their investments. This situation shows that XRP faces major challenges in maintaining bullish momentum and responding to external factors such as Ripple's big moves.

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