XRP Price Reaches $1,000 in Puzzling Exchange Transaction – What’s Going On?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the XRP price has held steady after some slight fluctuations, up 0.08%.
Meanwhile, a transaction placing XRP at a valuation of $1,000 per coin has left investors stumped.
This lacklustre price action continues from last Friday, with XRP up a mere 0.25%.
Although it has made some progress, it has markedly underperformed compared to the rapid growth seen in other notable altcoins over the same period.
Despite this largely negligible price action, more eyes are on XRP. The altcoin’s trading volume has surged by 19.03% to $1.236 billion over the past 24 hours.
The September 26th transaction set an RLUSD rate that would place XRP at around $1,000 a piece, according to XRPscan.
This coveted valuation sent traders into a frenzy, speculating that Ripple’s stablecoin would propel XRP to $1,000.
However, this quickly proved unfounded as the transaction was revealed to be a decentralized exchange (DEX) offer.
Pseudonymous XRP Validator Val provided commentary on X, clarifying that the transaction was “just a DEX offer. Anyone can offer those, and no one in their right mind would sell 6,000 RLUSD for 6 XRP.”
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