- Ripple Floods the Market with Another 1 Billion XRP Tokens
- XRP Price Still Struggles Against The USD but the Support at $0.1755 Holds the Line
Ripple News Today – Ripple has been facing stern criticism since the beginning of the day shortly after the blockchain-based firm released over one billion XRP tokens into circulation. Whale Alert flagged the transaction and posted part of it on Twitter. Everyone knows that Ripple has more XRP on escrow than the rest of the public. They promised not to sell all their holdings at once but the occasional sale still causes uproar in the XRP community. The recent transaction is equivalent to $177.6 million tokens at current prices.
Ripple News Today – Ripple Liquidates 1 Billion XRP Tokens in Two Transactions
The one billion XRP tokens were liquidated in two transactions of 500 million each. The transaction was performed in real-time. The one billion token Ripple just released is part of their monthly sales budget. A few years ago, there was no limit to how much they released monthly. The 1 billion limit was put in place to keep investors at ease but it hasn’t done much of that over time. The tokens will be sold and the money will be used to fund the XRP ecosystem and Ripple’s operations. Some of the money will be invested in XRP startups and anything that is left after expenses will be sent back to Ripple’s escrow holdings.
XRP (XRP) Price Today – XRP / USD
Ripple has been getting a lot of positive feedback from financial institutions and regulators. However, retail XRP holders are not satisfied with the negative price action of the XRP token. Not too long ago, the United States Consumer Financial Protection Bureau talked about how Ripple is changing the game in the cross-border remittance industry. Part of the post was as follows;
“To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates. The Bureau also believes that expanded adoption of SWIFT’s GPI product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.”
In other news, the negative price action of XRP is still a major problem for the retail investor. The token has been mostly bullish for the past three years. Recently, the token fell below strong support at $0.1900 and has declined steadily since then. At the time this article was written, the price of XRP was $0.177210. This means that it is up by 0.14% against the USD and up by 0.65% against Bitcoin BTC. The trading volume is $1,011,726,009 and the market capitalization is $7,842,921,011.