News View Non-AMP

Ripple Unlocks 1B XRP From Escrow Account Amid Ongoing SEC Lawsuit! Trouble Ahead? 

Published by
Qadir AK

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.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Undervalued Crypto With Real Utility? This $0.03 Lending Token Could Do What Binance Coin (BNB) Did in 2020

In the crypto space, utility-driven tokens have historically demonstrated explosive growth, with Binance Coin (BNB)…

June 28, 2025

Will XRP Price Hit $5 in 2025?

After nearly four years, Ripple has officially ended its long-running legal battle with the U.S.…

June 28, 2025

Altcoin Bull Run Ahead? Top Analyst Says the Bottom Is In!

Altcoins may have just hit rock bottom — and that might be great news for…

June 28, 2025

Ripple SEC Lawsuit Ends – XRP ETF Incoming? Price Set to Break $3 Soon!

After 4 years of long courtroom drama, Ripple’s legal fight with the SEC has finally…

June 28, 2025

Gemini Launches Tokenized US Stocks in EU, Starting With MicroStrategy (MSTR)

Cryptocurrency exchange, Gemini, has announced the launch of its first tokenized US stock, MicroStrategy (MSTR),…

June 28, 2025

Why Altcoin Season Isn’t Here Yet?

Altcoin season has not arrived yet, and expert Benjamin Cowen has explained why in his…

June 28, 2025