Ripple Shifts 900M XRP From Escrow to Unknown Wallet, Is a $25 Price Within Reach?
In a significant development for the cryptocurrency landscape, Ripple, the American blockchain payment company, executed the release of nearly 900 million XRP from escrow on Friday, generating considerable discourse among market participants. This unlock aligns with pivotal progress in the ongoing lawsuit with the U.S. SEC, leading to speculation on potential price trajectories. Currently, XRP is trading around $0.52, with some analysts projecting a notable $25 target in light of recent events.
Ripple Whooping 900M XRP Transfer
Notably, data from Whale Alert indicates that Ripple completed the unlocking in two substantial transactions: the first releasing 500 million XRP, valued at approximately $254.7 million, and the second releasing 400 million XRP, worth around $203 million. The tokens were sent to the addresses rDqGA2Gfve and rw2hzLZgiQ, respectively.
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These escrow transactions, which effectively increase the circulating supply of XRP, have raised concerns among investors, particularly given the token’s recent volatility. A recent report highlighted the alarming trend of substantial XRP holdings being sold off to exchanges, indicating a cautious market sentiment surrounding the asset.
Ripple Labs and US SEC
In parallel, developments in the legal battle between Ripple Labs and the U.S. SEC are influencing perceptions around these large on-chain movements. The U.S. Court of Appeals for the Second Circuit has set a deadline of January 15 for the SEC to submit its initial brief regarding the appeal, further intensifying market focus on the case.
Price Action
Regarding price movement, XRP is presently trading at $0.51, reflecting significant intraday volatility with fluctuations between $0.5039 and $0.5234. In terms of trading activity, Ripple’s trading volume surged by 42% to $1.25 billion, illustrating contrasting investor sentiments about the asset’s future. Additionally, Coinglass data indicates a slight 1% drop in futures open interest to $734 million, contributing to uncertain market conditions.
Price Analysis and Race to $25
A price analysis has suggested an ambitious upside potential for XRP, forecasting that it could reach $25. This speculation is particularly influenced by the upcoming U.S. elections, where analysts posit that a shift in the political landscape, particularly with Donald Trump’s pro-crypto rhetoric and favourable betting odds, could catalyze a price surge that aligns with Republican victories.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
