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The crypto market has recently been rocked by several significant events. Among them, Ripple’s release of 1 billion XRP attracted special attention. This decision, highly strategic for Ripple, probably saved XRP from freefalling by 4.26% in 24 hours.
Ripple issues 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 cryptocurrency’s liquidity and supporting the company’s operations.
Currently, the face value of these 1 billion XRP is estimated to be around $640 million. Ripple uses these funds to fund its projects, drive XRP adoption, and maintain the stability of its crypto ecosystem.
Crypto: XRP Rises After Falling 4.26% in 24 Hours!
This massive release of XRP coincided with a significant drop in the price of Ripple, which dropped 4.26% in just 24 hours. This decline comes against the backdrop of a general decline in the crypto market, which is influenced by several key factors.
In particular, concerns about rising interest rates in Japan following Shigeru Ishiba’s victory; geopolitical tensions following the assassination of Hassan Nasrallah; and weak economic data showing slowing growth and fears of a recession.
However, the release of this 1 billion XRP by Ripple has fully played its role and stabilized the market. This strategy boosted crypto investor confidence and fueled 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 cryptocurrency. Ripple price is now up 1.78% despite recent economic and geopolitical upheavals. Cryptocurrency investors are relieved and hope that this positive trend will continue.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.