Ripple Unlocks 1B XRP From Escrow Account Amid Ongoing SEC Lawsuit! Trouble Ahead?
Blockchain payment giant Ripple Labs continues to sell XRP from the escrow account despite the ongoing lawsuit filed by the SEC accusing the former of selling unregistered securities.
As the world ushered in the third month of 2023, Ripple Labs received 1 billion XRP from the escrow account. Notably, the company received the XRP tokens in several batches, including two transactions with 400 million each XRPs and two other transfers with 100 million units each.
Ripple has been using the XRPs from the escrow accounts to incentive developers on the XRPL and institutional financial partners intending to tap into its RippleNet services. For instance, Ripple sent 50 million XRP to an unknown Wallet yesterday, according to on-chain data.
The XRP community hopes the ongoing lawsuit will end soon since it has dragged the asset’s performance down significantly in the past two years. Nonetheless, the United States SEC Chair Gary Gensler has indicated that every cryptocurrency, except for Bitcoin, is an unregistered security. Needless to say, he received a lot of flack for the same.
XRP Market Outlook & Price Analysis
The XRP price has rebounded from a multi-year falling trend line that began in mid-April 202. With the daily death cross between the 50 and 200 MA acting as a strong resistance level, the XRP price is headed to retest the $0.32 and $0.35 support range.
The XRP price has been consolidating in a macro-wedge formation since hitting its ATH around $3.4 in 2018. Should history repeats itself, crypto analysts expect XRP price to break out during the next bull market towards a new ATH.
Moreover, Ripple has made tremendous advancements in onboarding more financial institutions in its Ripplenet and On-Demand Liquidity (ODL) services.
As we await the outcome of the ongoing lawsuit filed by the SEC against Ripple Labs, what do you think the future holds for XRP? Share your thoughts in the comments below.