Ripple Transfers 150 Million XRP to Unknown Wallet
After Ripple made a transfer of 150 million XRP to an unknown wallet, the involved cryptocurrency’s price has surged by over 12%. Rumors are circulating that the blockchain company may be moving closer to settling the case with the United States Securities and Exchange Commission (SEC).
XRP Price Surge Amid Speculation
Recently, the Ripple team transferred 150 million XRP to an unknown crypto wallet, sparking speculation that this action could be related to an upcoming SEC meeting. The meeting, scheduled for July 18 in Washington DC, is expected to discuss settlements and litigation resolutions.
- This transfer follows rumors of an imminent settlement with the SEC
- XRP price has surged over 40% on a weekly chart
- The price has increased by more than 12% in the last 24 hours
Monthly Ripple Escrow Sell-Offs Impact XRP Price
The $87.5 million XRP transfer is part of Ripple’s regular monthly sell-offs through escrows. These sell-offs, which contribute to supply inflation, typically exert downward pressure on the XRP price. However, the recent surge in XRP price indicates a deviation from this usual trend.
- Previous sell-off took place on July 9
- Monthly sell-offs contribute to supply inflation
- Typically result in downward pressure on XRP price
XRP Price Analysis
XRP, currently the sixth-largest asset in the crypto sector by market capitalization, has experienced significant price movements recently. The price of XRP has increased by 12.53% in the last 24 hours, 38.95% over the past seven days, and 23.62% on a monthly chart, reaching $0.61171 as of July 17.
In 2017, Ripple implemented an escrow system to manage the release of XRP on the XRP Ledger. This system involved monthly unlocking of one billion XRP over 55 months, with the flexibility to re-escrow unused XRP, thereby extending the distribution timeline.
While news related to Ripple and XRP can influence token prices, the volatile nature of the crypto market underscores the importance of conducting thorough research before making investment decisions.
Hot Take: Stay Informed and Make Informed Decisions
As a crypto enthusiast, staying informed about developments in the market can help you make better decisions. While recent events have caused a surge in XRP price, market trends can change rapidly. Make sure to conduct research and stay updated to navigate the ever-evolving crypto landscape effectively.
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