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.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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