XRP Escrow Unlocked; Will Whales Scoop More XRP?

XRP News: Ripple’s native crypto, XRP encountered a minor pullback over the past week as the selling pressure took over the market. Despite a change in market sentiment, XRP price managed to remain balanced. However, the latest Ripple’s monthly escrow unlock might drag XRP price low ahead.

Also Read: Attorney Suggests New End Date For XRP Lawsuit

XRP Escrow To Trigger Selling Pressure?

XRP’s upward rally began in March and witnessed multiple halts in July as the momentum shifted in favor of the world’s largest crypto, Bitcoin. XRP price dropped by more than 8% in the last 30 days while BTC price surged by a major 13%. This breaks the XRP price surge streaks maintained over the several past weeks.

As per the On-chain data, Ripple successfully unblocked a pool of another 1 billion XRP tokens (approx worth $454 million) into circulation in multiple transactions. It should be noted that Ripple holds a fixed routine to add more XRP tokens to the circulating supply which eventually increases the selling pressure among the holders.

XRP price is marginally down by 0.17% in the last 24 hours. This depicts that the Escrow unlock didn’t trigger a sell rally among XRP holders, while sentiments remained calm. XRP is trading at an average price of $0.48, at the press time. It is holding a circulating supply of over 52.2 billion with a market cap of $25.2 billion. Read More XRP News Here…

Also Read: US Apex Court To Check SEC In-house Enforcement Legality Amid Crypto Row

XRP Lawsuit Verdict Soon?

The long running legal tussle between Ripple and US SEC is still awaiting a summary judgment. However, the recent revelation of the infamous Hinman speech linked documents and emails sent out a positive sentiment regarding the XRP lawsuit ending soon.

However, experts following the XRP lawsuit closely suggested that a ruling can be presented by the US district court in the month of August.