The crypto market has recently been shaken by several major events. Among them, Ripple's release of 1 billion XRP attracted particular attention. This decision, highly strategic for Ripple, probably saved XRP from a free fall of 4.26% in 24 hours.
Ripple releases 1 billion XRP
On October 1, 2024, Ripple released 1 billion XRP from its escrow account. This release is part of a larger monthly XRP distribution plan, aimed at increasing the liquidity of the crypto and supporting the company's operations.
Currently, the face value of these 1 billion XRP is estimated at around $640 million. Ripple uses these funds to finance its projects, drive the adoption of XRP, and maintain the stability of its crypto ecosystem.
Crypto: XRP up after falling 4.26% 24 hours!
This massive release of XRP coincided with a significant drop in the price of Ripple, which fell by 4.26% in just 24 hours. This decline comes against a backdrop of general decline in the crypto market, influenced by several key factors.
Notably, concerns about a rise in interest rates in Japan after Shigeru Ishiba's victory; geopolitical tensions following the assassination of Hassan Nasrallah; and weak economic data showing slowing 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 boosted the confidence of crypto investors and boosted the adoption of XRP which is now up 1.78% in 24 hours, and trading around $0.622.
Finally, the release of 1 billion XRP by Ripple, although important for market liquidity, managed to stabilize the crypto. Ripple price is now up 1.78%, despite recent economic and geopolitical turmoil. Crypto investors are relieved and hope that this positive trend continues.
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