1 Bln XRP On The Move; Will XRP Price Surge?
XRP News: Ripple’s native token, XRP price has been riding on positive sentiments backed by the favorable outcomes from the long running US SEC vs Ripple lawsuit. However, Ripple has released around 1 Billion XRP tokens from its escrow in multiple transactions.
1 billion XRP released
Whale Alert, an analytics system and blockchain tracker, recently pointed out three escrow transactions. The transactions which concurrently occurred on February 01 in the early morning (IST) saw the cumulative release of 1 billion XRP to two unknown addresses.
According to Whale Alert, one of the addresses received 500 million XRP (worth $202,700,826) in a single transaction. The second address also received 300 million XRP (worth $121,620,495) and lastly, the third transaction of 200 million XRP (worth $81,080,330). Balances on all three addresses currently sit at 1 billion XRP (worth $405,401,651) at press time.
XRP Price on a surge
These whale transactions came two days after Ripple published its “Q4 2022 markets report.” As reported, the price of XRP declined 30% and three billion XRP were released out of escrow. Though the volumes of XRP also declined roughly 40%, Ripple still managed to disclose its total XRP sales by nearly $100 million in Q4 2022 surpassing Q3 at about $2.9 billion. Read More XRP News Here….
At present, the XRP price is hovering around $0.403, up 0.81% in the past 24 hours with a trading volume of $914,009,462. However, XRP has a circulating supply of 50.8 billion and still holds a market cap of over $20.5 billion
Is it the right time to invest in XRP?
There is a touch of uncertainty when it comes to investing in XRP at this stage. Many experts believe that if Ripple manages to clear the legal hurdle with the SEC, it would benefit the altcoin significantly in terms of investment and value. But till then, ‘wait’ is all one can do.
Also read: Bitcoin Price To Struggle More? SEC Launches Inquiry On Investment Advisors
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