Ripple Unlocking MASSIVE Amount Of XRP Soon—What You Need To Know• October 31, 2023 5:59 pm • Comments
The company unlocks 1 billion XRP from its wallets at the beginning of each month, so this is a regular occurrence and should not affect the price in a major way.
However, a one billion token unlock at the beginning of every month will suppress the long-term price action of XRP until the vesting schedule is completed—keep this in mind for long-term forecasts.
XRP is currently trading around $0.59 at the time of this writing, down from the recent high of $0.95 following Ripple’s historic win over the SEC.
Van Quan provided an in-depth price analysis for XRP:
“XRP’s chart and indicators suggest that the altcoin is at the beginning of an upcycle, one which has been due for several months now.
In particular, its relative strength index (purple) rose to 70 yesterday and remains at around 65, a sign of a good buying momentum.
It’s also notable that XRP’s 30-day exponential moving average (yellow) is now rising nicely towards its 200-day average (blue), with a golden cross set to signal a breakout rally that could arrive in the next one or two weeks.
Indeed, the jump in XRP’s 24-hour trading volume from around $300 million just over a week ago to nearly $3 billion today would suggest that its market has revived, with traders becoming increasingly interested in the coin.
This volume is at its highest level since July, when Ripple received largely positive ruling in its long-running case with the SEC.
And while the following couple of months saw XRP and the wider market struggle, the past couple of weeks have built upon this good news, with the SEC failing its attempt to lodge an interlocutory appeal.
Even better, the securities regulator dropped its case against against Ripple execs Brad Garlinghouse and Chris Larsen, which had been set to go to a full trial next April.
This means that all that’s left to do in this case is for both parites to agree on a settlement and related penalties, meaning that the case is effectively over.
This leaves XRP in a prime position for riding the next cryptocurrency bull market, with the altcoin potentially on course to return to $1 in the first few weeks of next year.
And if 2024 does bring a full bull market, it could potentially pass its current record high of $3.40, set way back in January 2018.”
XRP Price Prediction as Daily Trading Volume Exceeds $3 Billion For the First Time in 3 Months – Can XRP Reach $3 Soon?
XRP’s chart and indicators suggest that the altcoin is at the beginning of an upcycle, one which has been due for several months now.
In particular, its… pic.twitter.com/ynkrTCWIqQ
— Van Quan (@Vanquan_titans) October 25, 2023
Finbold featured a breakdown of the token unlock:
On November 1 (Wednesday), the token unlock will happen again in three transactions of 100 million, 400 million, and 500 million XRP.
CoinDesk presented the current market data for XRP ahead of the incoming token unlock from Ripple Labs.
In the latest development in the cryptocurrency market, Ripple has extended its final escrow deadline to April 2027. The company’s original plan was to release one billion XRP each month for a period of 55 months.
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.