The global coin market’s top-tier asset XRP is back in the spotlight, amidst the scuttle in the business. The lawsuit stricken digital asset has been making noise across public platforms. As the digital coin spectates an increasing number of transfers, amidst the gargantuan amount of digital coins being unlocked from the Escrow wallet.
While the lawsuit gets pushed to another deadline, the XRP army continues to voice against the unruly act of the SEC. In the interim, XRP holders contemplate over the price being dormant, despite the transfers, transactions, and ODL gaining constant momentum, amidst the lawsuit.
Is This Move By Ripple A Thorn In XRP’s Price Rally?
It is learned from substantial sources that, in order to provide additional predictability to the supply of XRP. Ripple has locked 55% of the total possible supply, which accounts for 55 Billion XRP into a series of escrows. The amount in the escrows is released periodically each month, which tallies to 1 billion XRP each month.
In Q4 of 2021, 3 Billion XRP were released out of escrow. In total, 2.4 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter. Successively, as reported by Whale alert, 500 M XRP were unlocked from escrow at Ripple Escrow wallet. The surplus in supply has been collaring the price, which is why savvies have been wishing for coin burns.
In addition, the transfers have been on a constant ascend, a couple of hours ago 50 M XRP were sent by an anonymous user to Binance. And at the instant, the amount was sent to an unknown wallet. Post which another transfer tallying 20 M XRP was transferred from an unknown wallet to CoinsPh.
In contrast, the makers have confirmed that Ripple has been a buyer of XRP in the secondary market. And expects to continue to undertake purchases in the future market, as ODL continues to gain momentum. Last quarter net purchases were $717.07 M, and the ODL related sales were at 1,039.04.
Summing up, the XRP movements which remained dormant following the lawsuit was imposed, have been emerging out of the shadows off-late. Whilst the price of the asset is yet to show signs of a rebound, the global sales of the coins has been ramping up aggressively. Savvies are now expecting a major hearing in favor of Ripple on the 28th of February, which would push the price of XRP.
Source: https://coinpedia.org/ripple/will-xrp-price-be-limited-to-sub-1-mark/