- Ripple has released another 1 billion XRP tokens, equivalent to roughly $454 million, into circulation.
- Despite market pressures, XRP remains stable, with experts suggesting that Ripple’s recent escrow unlock could further influence its price.
Ripple, the parent company of XRP, recently saw its native cryptocurrency undergo a minor pullback over the past week due to increased selling pressure in the market. Nevertheless, XRP’s price managed to sustain a degree of equilibrium. The current conversation, however, revolves around Ripple’s latest monthly escrow unlock, which may exert downward pressure on XRP’s price.
From March onwards, XRP enjoyed a steady upward trajectory, even despite occasional dips in July as momentum swung towards Bitcoin, the world’s largest cryptocurrency. Over the past 30 days, XRP’s price dipped by over 8%, while Bitcoin enjoyed a significant 13% surge, putting a damper on XRP’s recent streak of price increases.
On-chain data reveals that Ripple has successfully released a further 1 billion XRP tokens, equating to an estimated worth of $454 million, into circulation via multiple transactions. Ripple adheres to a consistent routine of adding more XRP tokens to the circulating supply, a move that typically results in increased selling pressure among holders.
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Despite the large influx of XRP, the token’s price has only dropped marginally by 0.17% in the last 24 hours. This suggests that the escrow unlock did not spur a sell-off among XRP holders, and market sentiment remains steady. XRP’s current trading price is approximately $0.48, with a circulating supply exceeding 52.2 billion and a market cap of $25.2 billion.
In addition to the recent escrow unlock, Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) continues to unfold. Despite the case still awaiting a summary judgment, recent developments, such as the disclosure of key documents and emails related to the controversial Hinman speech, have sparked optimistic sentiments about a possible resolution. Industry experts closely monitoring the lawsuit anticipate a ruling from the U.S. district court as early as August.
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