{"id":514379,"date":"2023-01-02T03:45:12","date_gmt":"2023-01-02T08:45:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=514379"},"modified":"2024-06-11T14:33:16","modified_gmt":"2024-06-11T14:33:16","slug":"xrp-price-plummets-heres-whats-up","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/xrp-price-plummets-heres-whats-up\/","title":{"rendered":"XRP Price Suddenly Plummets By 12% – Here’s What’s Going On"},"content":{"rendered":"

The XRP price has experienced a harsh downward movement in the early morning hours of the Asian market (9 am in Tokyo). Within 45 minutes, the price dropped from $0.3394 to $0.2998, meaning that XRP experienced a drop of a whopping 12%.<\/p>\n

Remarkably, this move did not happen in line with the broader market sentiment, as BTC and ETH recorded small gains in the meantime. It’s also worth noting that the sudden price drop seemingly happened without any real news related to Ripple, such as a new development in the legal battle<\/a> with the US Securities and Exchange Commission, or the XRP token. Thus, the price move seems mostly influenced by speculation.<\/p>\n

However, at press time, the price had already managed to bounce back to $0.3322, erasing much of the sudden price loss. XRP is now facing resistance at $0.3333, which has not been breached yet.<\/p>\n

\"XRP
XRP price, 1-hour chart<\/figcaption><\/figure>\n

There is one event that often comes into the focus of XRP investors on the first of the month, the unlocking of 1 billion XRP from Ripple’s escrow account which happened yesterday, Sunday. Under normal circumstances, this is unlikely to have caused the sudden sell-off. The action has been well-known in the community for years, although this time there was a bit of a surprise.<\/p>\n

Related Reading: A Crypto Holiday Special: Past, Present, And Future With Tony Spilotro<\/a><\/div>\n

While previously, XRP was unlocked directly from Ripple escrow accounts, this time it happened on unknown accounts, according to Whale Alert. However, Bithomp identified the addresses as those of Ripple.<\/p>\n

\n

\ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 \ud83d\udd13 500,000,000 #XRP<\/a> (170,074,826 USD) unlocked from escrow at unknown wallethttps:\/\/t.co\/yymqzSjLYk<\/a><\/p>\n

— Whale Alert (@whale_alert) January 1, 2023<\/a><\/p><\/blockquote>\n