Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Ripple, Inc. returned all the funds from the latest escrow unlocking. The entire 1B XRP only moved through wallets for a few days, reportedly without distribution or selling.
Ripple Returns Latest XRP Tranche Within Minutes
Recent whale transaction tracking noted the most recent escrow arrived at the start of the new month. The usual 1B XRP was released, and later returned in large tranches.
The transfers were completed in three transactions, with the largest one for 500 million XRP.
500,000,000 #XRP (109,276,854 USD) locked in escrow at Ripple
— Whale Alert (@whale_alert) December 2, 2019
In the previous escrow unlocking, about 400,000 XRP remained in outside wallets, to be distributed or sold. This time, Ripple once again faced doubts about its intentions to sell the coins, especially as XRP prices continued to slump.
XRP moved down as low as $0.21 during the latest sell-off, and is once again at the $0.219 threshold. At this point, the XRP loss for 2019 is once again close to 30%, with only outlandish hopes for an eventual rally.
Still, the readiness of Ripple to hold onto the assets may re-spark hopes of future development. Currently, the usage of XRP is optional on the RippleNet decentralized protocol. Transactions on the Ripple network also showed a significant pickup in October and November, rising to a few millions per day.
At this point, it is uncertain what the source of transactions is, but there are records of significant transfers of value through Ripple’s protocol. Actual XRP transactions are only a part of the mix.
XRP Still Sparks Hopes
The recent return of the entire escrow balance for the month was also viewed as bullish, essentially limiting the free supply of XRP.
?institutions have enough XRP1. XRP cheap2. 1B XRP out of escrow3. 1B XRP back to escrow4. Institutions buy from exchanges/other OTC5. No small discount XRP from ripple/escrow no issue due to low price6.Increasing XRP demand on exchanges 7.Increasing upwards pressure price
— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿 (@xrp_stuart) December 2, 2019
But XRP also enjoys a collection of staunch supporters, which see the asset rising based on Ripple network usage and future adoption. Even if the rise is not immediate, some see XRP as undervalued, and the currently low prices as a buying opportunity.
XRP has managed short-term rallies, but the overall trend remains downward. At the start of December 2018, XRP traded at $0.35 and moved close to $0.30 for most of the months, except for a mid-year rally. XRP is now entering an extended slide closer to the $0.20 range.
Ripple still holds close to 50 billion coins, and its escrow operations will continue for more than 17 years based on a predetermined schedule.
What do you think about the XRP escrow operations? Share your thoughts in the comments section below!
Images via Shutterstock, Twitter @xrp_stuart @whale_alert
The post Ripple Returns XRP Funds from Escrow Days After Release appeared first on Bitcoinist.com.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.