- Ripple Labs released 500 million XRP from escrow, sparking speculation and debate about its rationale as recent distributions deviate from the usual pattern.
- Analysts predict that as long as XRP trades within the support range of $0.3917 and $0.6649, XRP could still reach $5 and then $18.
Ripple Labs recently made headlines for releasing 500 million XRP in two separate transactions in a deviation from its normal distribution pattern. Recall that 200 million XRP ($122.63 million) was initially released on April 12th, followed by an additional 300 million XRP ($183.89 million). Interestingly, the rationale behind this decision has become a topic of discussion among crypto holders, with transactions initiated from addresses associated with Ripple since 2017 and inactive since 2021. Some people thought it was interesting to be there.
As the discussion regarding the price impact is still inconclusive, Ripple Labs said: unlocked According to on-chain transaction tracking platform Whale Alert, an additional 500 million XRP will be obtained from escrow. Compounding the uncertainty, Ripple Labs has not released any official information regarding this anomalous activity, leaving the community to speculate about its intentions.
For context, this routine forms part of the blockchain company’s strategy to release 1 billion XRP from escrow every month. Interestingly, the immediate move comes against the backdrop of market turmoil that has brought the entire market to its “bows.” The total market capitalization is 19% decrease As of this report, XRP: Ten% In the last 7 days 2% within the last 24 hours, and 19% In the last 30 days. This pushed the asset below the key support levels of $0.5 to $0.48.
Escrow strategy remains: Will XRP rebound?
Regardless of the ripple effect on XRP price, the core mission of the escrow strategy remains valid. As the company explained, the move aims to maintain market liquidity and facilitate cross-border transactions. Most importantly, it aims to highlight the company’s commitment to maintaining the stability and integrity of its ecosystem beyond short-term market fluctuations.
The potential return of XRP has been an open question ever since a whale with wallet address “r4wf7….h4Rzn” moved 28.8 million XRP ($13.7 million) to the Bitstamp exchange. Many believe this is a potential sale, while others speculate that this may be part of liquidity management given Ripple’s previous exchange stock. As the discussion continued, another 100 million XRP ($48 million) was transferred from an unknown wallet address.
Despite the continued bearish movement, prominent analysts known as Dark Defenders believe that the possibility of a new all-time high is still there. According to him, the asset could still reach $5, and then maintaining a position within the range of $0.46 and $0.39 could reach an unexpected high of $18.
As long as these hold, the structure of the 5 Elliott Wave targeting $5.85 and $18.22 will remain unchanged. And further movement between $0.3917 and $0.6649 is sideways and normal.
The analyst also emphasized that the global cryptocurrency market capitalization could reach $23 trillion by January 2025. The price could trade at $2.8 as XRP holds 1.2% of the market share. When the market capitalization reaches the predicted level.
Backing this up is analyst EGRAG CRYPTO, who believes that XRP remains bullish.according to his prophecy Review by Crypto News FlashXRP could soar to $4,
Remarkably, even the weekly candlestick body has not closed below the arc, which is incredibly bullish. XRP army, stay strong! XRP bulls are showing amazing resilience, strength and power in this fight.
