XRP News: Ripple’s native token, XRP price, is riding on positive sentiment, bolstered by the favorable outcome of the long-running litigation between the US SEC and Ripple. However, Ripple has released about 1 billion XRP tokens from its escrow in multiple transactions.
1 billion XRP released
Whale Alert, an analytics system and blockchain tracker, recently pointed to three escrow transactions. The trades that took place simultaneously on February 01 in the early morning (IST) saw the cumulative release of 1 billion XRP to two unknown addresses.
According to Whale alert, one of the addresses received 500 million XRP (worth $202,700,826) in a single transaction. The second address also received 300 million XRP (worth $121,620,495) and finally the third transaction of 200 million XRP (worth $81,080,330). Balances at all three addresses currently total 1 billion XRP (worth $405,401,651) at the time of writing.
XRP price rises
These whale trades came two days after Ripple published its Q4 2022 markets report. As reported, the price of XRP fell by 30% and three billion XRP was released from escrow. While XRP volumes also declined by about 40%, Ripple still managed to disclose its total XRP revenue by nearly $100 million in Q4 2022, surpassing Q3 by about $2.9 billion. Read more XRP news here….
At the moment, the XRP price is hovering around $0.403, up 0.81% in the last 24 hours with a trading volume of $914,009,462. However, XRP has a circulating supply of 50.8 billion and still has a market cap of over $20.5 billion
Is now the right time to invest in XRP?
There is a touch of uncertainty at this stage when it comes to investing in XRP. Many experts believe that if Ripple succeeds in clearing the legal hurdle with the SEC, it would significantly benefit the altcoin in terms of investment and value. But until then, ‘wait and see’ is all one can do.
Also Read: Bitcoin Price To Struggle More? SEC launches investigation into investment advisors
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