As a seasoned researcher with a keen interest in the cryptocurrency market and over a decade of experience under my belt, I find myself intrigued by Ripple’s latest move to release another billion XRP tokens from its escrow accounts. This is a familiar routine for Ripple, happening every first day of the month, but it never fails to spark curiosity and excitement among investors like me.
According to a report by Whale Alert, Ripple, a digital payment company based in San Francisco, has made available another billion XRP tokens from its storage accounts as per their regular monthly routine, which they carry out on the 1st of every month.
The distribution of a billion XRP tokens occurred across three distinct transfers. Initially, 500 million XRP tokens valued at approximately $310.65 million were sent out from Ripple’s locked deposits in the first transaction.
Following this, another 400 million XRP, approximately worth $248.89 million, were distributed. Previously, a transaction had freed the last one hundred million tokens, valued at $62.25 million, from escrow.
As a crypto investor, I remember when Ripple introduced its escrow system at the tail end of 2017, with the clear intention of maintaining stability within the XRP market. The strategic move involved setting aside an impressive 55 billion XRP, distributed across multiple escrows – each containing one billion XRP. This massive stash was intended to be gradually disbursed over an equal number of months. According to the current plan, the final release from these escrows is slated for April 2027.
XRP price outlook
Over the course of a few hours, the XRP token’s price experienced a significant increase of approximately 3%, rebounding over a key dynamic resistance line that has been in place since 2022.
Over the past week, there’s been an unexpected boost for XRP – its strongest showing in months. At one point, it spiked by 9.21%. Currently, each XRP token is being traded at approximately $0.6274, which is its highest price since late July.
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2024-10-01 14:42