Ripple Labs made a significant move in December by transferring 310 million XRP, which amounts to $198 million, from its Ripple escrow wallet. As a result, the wallet now holds about 26.34 million XRP, valued at roughly $16.7 million.
Currently, the escrow contains less than 40 billion XRP tokens. There’s a plan in place for their gradual release, set to continue until 2027. Initially, Ripple Labs minted 100 billion XRP tokens before introducing the XRP Ledger. Over time, the company has been selling these tokens in line with quarterly guidelines.
Ripple’s key executives, who own a considerable portion of XRP, are subject to specific rules when selling their tokens. Their sales have a more noticeable impact compared to tokens used for transaction fees, which are generally minimal.
Recent data suggests that XRP’s price has been forming a symmetric triangle pattern since July. This pattern indicates uncertainty, signaling a potential price shift either upwards or downwards.
Also Read: Ripple Price: XRP Price Poised For 8 to 10x Rally Soon
XRP’s unique position as both a store of value and a player in instant payments brings its own set of influences.
Despite concerns about its centralized nature, XRP has found practical applications in facilitating quick transactions, as evidenced by the National Bank of Georgia partnering with Ripple Labs for a central bank digital currency pilot.
US Judge Analisa Torres earlier this year dismissed the US Securities and Exchange Commission’s (SEC) claims regarding Ripple selling XRP as unregistered securities. The judge’s ruling brought clarity, specifying that sales to institutional investors, as opposed to retail investors, constituted unregistered securities offerings. This decisive verdict left the SEC without grounds for an appeal.
Given this legal and financial backdrop, Ripple’s recent XRP transfer has generated interest and speculation. The industry is keenly watching to understand Ripple’s intentions and the potential implications on XRP’s market dynamics.
Read More: XRP Yearly Review: Ripple Legal Wins Pave Way for 2024 Price Boom
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