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Ripple Unlocks Another 1 Billion XRP Today, Price Drops By 6% -Breaking

by Mike Robinson

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Ripple Releases 1 Billion More XRP Today. Price Drops by 6%

In keeping with its ongoing program of putting more coins in circulation, the company has again pulled 1 billion XRP for $811.39 million. Since 2017, this process is repeated every month on the first of each month.

Ripple Unlocks More 1 Billion XRP

According to large crypto fund tracker, ‘WhaleStats’, on April 1st, Ripple withdrew one billion XRP from its escrow account in two installments of 500 million XRP each.

WhaleStats reports that the XRP funds unlocked as of the morning of today were approximately $811.39million based on their blockchain transactions.

XRP Drops after Unlocking Funds

The news of the recently unlocked XRP had a negative impact on the cryptocurrency’s price. The price of XRP dropped by 6% over the past 24 hours to $0.7808.

Here is the 24-hour price chart for XRP. Source: Tradingview

At the time of writing, XRP is currently trading at $0.8166. Its market capitalization has dropped to $39.3 Billion. XRP fell to sixth place in the crypto market.

Flipside

  • Ripple, despite its plummeting price, has seen 130% annual basis growth in Asia-Pacific transactions and emerging uses for RippleNet.

Why you should care

Ripple says that the monthly release of locked XRP provides more predictability for the XRP supply.

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