In the last 30 days, XRP has seen a drop of at least 13.1%. At the beginning of October, the price was at $0.61175. On the last day of October, it touched a low of $0.50877, indicating that the market experienced a 20.24% decline in the month. A recent report indicates that Ripple has released one billion XRP from escrow for November. How will this impact the XRP market? Let’s see!
As per the report, Ripple has unlocked one billion XRP for November in three transactions. A single address received at least two of the three transactions. The address received 400 million XRP and 100 million XRP in two separate transactions, respectively. A second address received 500 million XRP from the third escrow execution transaction.
Following the release, both of these addresses now hold 1 billion XRP each. Ripple usually locks 800 million XRP later in the day, keeping 200 million XRP for operational needs. This pattern has been steady recently, following a brief period of irregular releases earlier this year.
At the start of this year, the price of XRP was at $0.62950. On January 31, it touched a low of $0.50273. In early February, fresh buying pressure emerged, pushing the price to the yearly peak of $0.72289 on March 11. The market again dropped to a low of $0.47894 on April 13. Between April 14 and July 15, the market showed sideways movement, fluctuating within the range of $0.55742 and $0.41964.
In mid July, the market broke above the range, pushing the price to a peak of $0.62808 On July 18. In early August, the price of XRP plummeted from $0.60076 to $0.48818. Although the market made strong attempts to recover from the drop on August 7 and 8, for the rest of the month the price remained within the range of $0.61707 and $0.55280.
The market had to wait until September 29 to climb above the opening price of August 1. In early October, the market again saw a steep drop from $0.61068 to $0.52120. For the rest of that month, the market stayed within the range of $0.54819 and $0.50096.
The XRP market, currently priced at $0.51921, has not yet recovered from the decline suffered in early October. In the last seven days, the market has slid by nearly 0.5%. However, in the last 24 hours, the market has surged by 0.6%
In conclusion, Ripple’s consistent escrow pattern could support market stability, but XRP’s price action may remain challenging without a significant upward push.
Stay tuned to Coinpedia for the latest updates on the XRP market!
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