XRP Price Massive Rally
XRP has not seen any huge surges since the market sell-off in May. however, it is recovering slowly from its dip and is mostly due for a surge. At the time of writing it is trading at $0.660710 down by 2.8% in the last 24 hours.
Credible Crypto, a prominent cryptocurrency analyst, and well-known XRP bull has predicted that the altcoin price could rise to a new all-time high this cycle like it did in 2017.
He makes note that XRP price was “one of the worst-performing majors” until it started outperforming the rest of the market during the 2017 bull run, which saw the price of bitcoin rise from $1,000 to a then all-time high of $20,000.
The price of XRP soared almost 10x in the 30 days following BTC’s peak, bringing the overall gains of that cycle to 62,947 %, stated the expert. He went on to say that investors shouldn’t write the cryptocurrency off just because it got off to a rocky start.
Ripple unlocks 1 Billion XRP amidst SEC lawsuit
On July 1, the Ripple DLT giant withdrew another billion XRP coins from escrow. This is equal to over $704 million in fiat.
Ripple has released 1,000,000,000 XRP in two separate 500 million transfers. Typically, approx 80% of this huge amount of crypto is held in escrow (800 million), with the rest going to crypto exchanges to support XRP’s liquidity, create fiat revenue for the company’s operational expenses, and financial institutions with which Ripple partners.
However, it has been learnt over time that the price of the coin won’t be impacted by the coins unlocked from escrow every month.
Ripple faces a lawsuit against the SEC for an alleged sale of unregistered securities. Regardless, Ripple continues to release XRP from escrow to keep the boat afloat.