Ripple, the fintech company with its base in San Francisco, has just locked around 900 million units of XRP in an escrow account. This move comes after the release of 1 billion XRP in under 24 hours. The timing of this development aligns with notable progress in XRP’s value and an increasing positive sentiment within the crypto community regarding Ripple’s ongoing legal dispute with the US Securities and Exchange Commission (SEC).
Ripple’s XRP Movements
The unlocking of Ripple’s XRP escrow was put on hold for two months, but it eventually resumed on November 30, 2022. The principles of supply and demand came into play during the XRP token unlock. The release of one billion tokens into the market had a negligible effect on the value of XRP, which had been performing strongly in the weeks leading up to the unlock.
Ripple has been a hot topic in the cryptocurrency world lately due to its legal dispute with the SEC. The SEC is attempting to prove that Ripple Labs committed an error by selling an unregulated security, namely the XRP token. Over the course of the past eight years, Ripple has traded over 14.6 billion XRP tokens for cash or other forms of payment.
Ripple’s decision to lock a staggering 900 million units of XRP in escrow is a customary approach for the organization. In the past, they have reinstated 700 million or 800 million XRP to escrow and have also prolonged the XRP release initiative. In addition to the 900 million units of XRP in escrow, Ripple’s OTC wallet has moved 300 million XRP, and large investors have transferred 1.17 billion XRP.
XRP Token Surges
XRP has experienced significant price changes following the recent developments in escrow. The asset has gained 2.3% in value over the last 24 hours, and it is currently trading at $0.518, indicating a moderate increase for the sixth-largest cryptocurrency. Over the past week, XRP has demonstrated gradual growth, with a surge of more than 11% during this timeframe.
There is widespread speculation that the case will come to a resolution before the end of this month. This speculation has been strengthened by a member of the XRP community who has put forth evidence in support of the prevailing belief.