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Ripple’s occasional sale of XRP tokens has all the time been pinpointed as one cause for XRP’s tepid price action. Once once more, the crypto agency’s latest offloading of a major quantity of XRP has raised considerations about its negative effect on the crypto token. 

Ripple Offloads 240 Million XRP

On-chain data reveals that Ripple transferred a complete of 240 million XRP tokens to an unknown handle in two separate transactions. The first transaction occurred on March 5, when it despatched 100 million XRP to the handle in query. Then, on March 13, the Ripple pockets once more transferred 140 million XRP to this handle. 

These transactions have raised eyebrows, and members of the XRP community are considering whether or not these gross sales might need been the explanation XRP’s value crashed not too long ago. Notably, the crypto token rose to as excessive as $0.74 on March 11 earlier than seeing a pointy correction. 

It is value mentioning that XRP’s price crashed on March 5, the day the primary transaction was carried out. Data from CoinMarketCap reveals that the crypto token, which was buying and selling as excessive as $0.65 on the day, dropped to as little as $0.55 on the identical day. However, it stays unsure whether or not or not Ripple’s motion was immediately liable for this value dip.

Meanwhile, XRP’s price was fairly secure on the day the second transaction occurred, though it was nonetheless declining from its weekly excessive of $0.7, recorded on March 11. The influence of Ripple’s XRP sales in the marketplace continues to be closely debated amongst these within the XRP community. 

Pro-XRP crypto YouTuber Jerry Hall previously claimed that Ripple was suppressing XRP’s value with its month-to-month gross sales. However, there has additionally been a report that Ripple’s sale doesn’t influence costs on crypto exchanges. 

If Not Ripple, Then Who?

Ripple’s value motion defies logic, particularly contemplating that the token’s fundamentals and technical analysis counsel it’s effectively primed for a parabolic transfer. That is why talks about potential market manipulation proceed to persist. It can be comprehensible that each one fingers immediately level to Ripple since they’re the largest XRP holders. 

However, if Ripple is certainly not liable for XRP’s stagnant price action, then there must be one other clarification for why XRP has continued to underperform. Although the crypto token has continued to rank within the prime 10 largest crypto tokens by market cap, it’s value mentioning that it’s one in all few tokens that has a detrimental year-to-date (YTD) acquire. 

At the time of writing, XRP is buying and selling at round $0.61, up within the final 24 hours in line with data from CoinMarketCap. 

Token value at $0.6 | Source: XRPUSDT on Tradingview.com

Featured picture from BitIRA, chart from Tradingview.com

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