Ripple Sold More Than $169.42 In XRP in Q1, Could the Current Price Downtrend Of XRP Be Due To Price Manipulation?

Ripple, the company behind the XRP token controls over 60% of the total XRP tokens in circulation. From time to time, as reported in our previous XRP news, Ripple sells some of these tokens and uses the money to fund its projects and operations. From the Ripple news and XRP news that have been trending in the space, we know that the company is doing well per development and adoption of the XRP coin. Members of the XRP rich list were excited about the progress Ripple’s xRapid has been making because they expected xRapid to fuel the XRP price prediction 2019. Unfortunately, the price of XRP has been stuck in a descending trendline for weeks now and it keeps going down. Now, the rumor is that Ripple is manipulating the price of XRP through major sell-offs in a bid to entice institutional investors.

Ripple News – XRP News – XRP Price Prediction 2019 – Is The Current Price Action Of XRP The Result Of A Conspiracy?

According to an XRP news on CoinDesk, Ripple’s sale of XRP tokens increased by 31% between the last quarter of 2018 and the first quarter of 2019. In the last quarter of 2018, Ripple generated $229.03 million in XRP token sales. In the first quarter of 2019, the company generated $169.42 million in XRP token sales according to its announcement on Wednesday. Out of that amount, $61.83 was sold directly to institutional investors while Programmatic sales increased to 107.49 from $88.88.

Typically, this is supposed to be considered as good XRP news. However, it isn’t in line with the global trading volume of XRP which reduced from $54.82 billion to $53.85 billion. The Silicon Valley tech company reported that a total of 3 billion XRP units were removed for its escrow holdings. Out of that number, 2.30 billion were put in new escrow contracts while 700 million was used to support the XRP ecosystem.

XRP Current Price – XRP Price Prediction 2019 – Is XRP Falling Due To Price Manipulation?

According to the report released by Ripple, March 2019 was the second most stable month for the price of XRP. The token was only this volatile in the fourth quarter of 2013. The low volatility is a good and bad thing. For starters, the XRP token was stuck in a descending trendline. Even when a bull run had all the cryptocurrencies surging against the USD, XRP was trading in a tight range. It kept losing key support levels despite all the positive XRP news and xRapid news by Ripple. The current price action of XRP is discouraging to members of the XRP rich list and some of them have suggested that it may be due to a conscious effort by Ripple.

At the time of writing, XRP was trading at $0.302779. This means that it is up by 0.09% against the USD and up by 0.26% against BTC. The trading volume over a 24 hour period is $1,081,404,303 and the market capitalization is $12,718,227,176. It recently lost the support at $0.30 falling as low as $0.2900 before recovering higher.

What do you think about the XRP news today? Is the XRP price action being influenced by market manipulation? Will the XRP price prediction 2019 improve? Kindly share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.