XRP Price Prediction as $800 Million Trading Volume Sends XRP into the Green – Are Whales Buying
The world’s leading cross-border money transfer token, XRP, is bleeding for the third day in a row. Despite its 24-hour trading volume surpassing $800 million, XRP is down 2.1% and trading at $0.4654 on Sunday.
Support at $0.46 remains imperative to the resumption of the uptrend, otherwise, if lost investors may want to start acclimatizing extended losses testing $0.42 and $0.35, respectively.
The San Francisco-based blockchain startup Ripple Labs released 1 billion XRP tokens worth around $470 million from its escrow account on May 12. Ripple has since 2017 been systematically distributing XRP from escrow to guarantee a stable supply and maintain the stability of the XRP token.
This latest release is part of an ongoing series of monthly allocations aimed at bolstering the expanding ecosystem and satisfying the growing appetite for digital currency. Typically, any remaining XRP is sent back to escrow, thus prolonging the distribution timeline.
However, critics assert that Ripple's dominance over the bulk of XRP tokens stored in escrow may result in centralization.
Some market watchers have voiced concerns that Ripple's potential to unlock sizable quantities of XRP monthly might have an impact on the token's pricing.
This apprehension follows Ripple's impressive Q1 2023 performance, with the company witnessing a notable upswing in XRP sales. Their total sales reached a remarkable $361.06 million, a substantial jump in comparison to the $226.31 million recorded in Q4 2022.
In addition to robust sales, the XRP Ledger's on-chain activities displayed promising growth, with transaction volumes on both decentralized and centralized platforms escalating significantly.
XRP price has been in a nosedive motion since Saturday after
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