XRP/USD market overview: Ripple releases a billion XRP tokens from their escrow, price reaction is indifferent
- Every month Ripple releases a billion XRP tokens into the ecosystem.
- XRP/USD is currently priced at $0.312.
Ripple announced that they have unlocked a billion XRP tokens from their escrow worth ~$314 million. Every month Ripple releases a billion XRP tokens into the ecosystem, from which the company sells a portion to crypto exchanges and institutions. Whale Alert tweeted:
" 1,000,000,000 #XRP (320,072,524 USD) unlocked from escrow at Ripple Escrow wallet."
As per the XRP Markets Report that Ripple released last week, the company sold $251.51 million worth of XRP in the second quarter of this year. While Ripple owns more than half of the total supply of XRP, the majority of it remains in escrow. Since 2016, Ripple has sold XRP worth $1.14 billion, of which 64% were sold to institutions and 36% to crypto exchanges.
XRP/USD daily chart
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XRP/USD has had to bearish days in a row as the price fell to $0.311 and is currently priced at $0.312. The 20-day simple moving average (SMA 20) is acting as immediate market resistance. The narrowing of the 20-day Bollinger jaw indicates decreasing market volatility. Elliot oscillator has had nine straight bullish sessions and the moving average convergence/divergence (MACD) shows sustained bullish momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
