Ripple's 800 Million XRP Escrow Lockup Failed to Reboot Price, Here's Reason
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: May 02 2024- Ripple Escrow Activity: Ripple Labs Inc moved 800 million XRP into an escrow wallet to rebalance the circulating supply, resulting in a 4.61% price uptick.
- XRP Price Performance: Despite the recent increase, XRP is still down by 2.04% over the past week and more than 14% in the past month.
- Supply-Shrinking Strategy: The 800 million XRP lockup was done in three tranches, with values of $258.7 million, $51.8 million, and $103.6 million.
- Ripple Lawsuit and Stablecoin Update: Ripple's involvement in managing XRP's market volume affects its lawsuit with the SEC, and the proposed stablecoin asset may impact XRP's demand as a payment option.
- Market Impact: The outcome of the lawsuit and the introduction of the stablecoin could influence XRP's long-term price outlook.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
