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182 Million XRP in 24 Hours, Here’s What Happened
In a shocking turn of events, Ripple has revealed that it sold a staggering 182 million XRP coins within a span of just 24 hours. This monumental transaction comes as no surprise given the recent launch of its new product, RLUSD stablecoin pegged to the U.S. dollar and backed by dollars, U.S. Treasuries and cash equivalents.
As a result, XRP’s price has plummeted by 3.27%, with the coin now trading at $2.30 per unit. This sudden downturn is likely linked to the massive sell-off, as investors attempt to get in on the action.
It’s worth noting that XRP’s performance has been closely tied to that of Bitcoin, which experienced a significant drop of 5.23% this week before rebounding with a gain of 6.26%, now trading at $98,441 per unit. This sudden change in sentiment may be influencing investor behavior and causing the rapid sell-off.
The news comes as Ripple officially enters the stablecoin market, challenging long-standing giants like Tether (USDT) and Circle’s USDC. With this move, Ripple is poised to dominate a significant share of the projected $3 trillion stablecoin market by 2028.
As we continue to follow this story and track the performance of XRP in the coming days, it will be interesting to see if this sudden shift has any lasting impact on the market or if investors will start buying back into the dip.
Source: u.today
