Ripple Escrow Unlocked; XRP Price To Take A Hit?
XRP News: Ripple Labs and its native crypto, XRP holders are eagerly waiting for a Summary Judgement in the lawsuit launched by the U.S. Securities and Exchange Commission (SEC). However, as the judgment day closes in, Ripple has released more XRP into the market circulation.
Also Read: XRP Whales React To Ripple’s XRP Q1 Report
1 Billion XRP Unlocked
According to the Data, Ripple unblocked $1 billion XRP (approx worth $470 million) in two separate transactions. The latest escrow release implies that 52% of the total XRP has now come into circulation. In order to provide additional predictability about its supply, Ripple locked 55 billion XRP, that actually 55% of the total supply, in a escrow.
Ripple’s Q1 report 2023 mentioned that 3 billion XRP were released as per the procedure. However, it added that 2.1 billion XRP were returned and were added into new escrow in the same time period. Data depicts that XRP price have jumped by almost 18% in the last 90 days. It has been one of the most gaining cryptos over this period.
Read More XRP News Here…
Also Read: Ripple To Face Trouble From XRP Holders in Court? Attorney Suggests This
Amid the escrow release, a tracker caught a whale wallet dumping 29 million XRP (approx worth $13.7 million) on the Bitstamp crypto exchange.
XRP price has dropped by over 2% in the last 24 hours. It is trading at an average price of $0.464, at the press time. However, its 24 hour trading volume is up by 82% to stand at $822.4 million. Ripple’s native crypto is still holding a market cap of over $24 billion despite facing legal trouble from the U.S. SEC.
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