Ripple Unlocks 1 Billion XRP as Price Stalls

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Cryptocurrency analytics platform Whale Alert recently revealed that San Francisco-based Ripple (XRP) has unlocked another robust batch of tokens after the tech decacorn company released 1 billion XRP into the circulating pool.

Releases like this are programmed into the Ripple code and have occurred consistently on the first day of every month since 2017.

On February 1, the company withdrew 1,000,000,000 XRP from escrow and divided it into two parts containing 500 million coins each.

However, as it usually does, Ripple locked 800 million of the unlocked tokens back into escrow, used the remaining 200 million tokens to cover its operational expenses, and sent parts to its partners or crypto exchanges—thereby increasing the circulating supply. Regardless, this action typically has no negative impact on XRP’s price.

The original aim for these programmed releases of tokens since 2017 was to allow 55 billion XRP into circulation. With a current circulating supply of 47.7 billion, Ripple could end this unlocking practice this year.

Whale Alert also reported a lesser XRP transfer carried out by the tech giant through one of its numerous wallets, RL 18-VN. According to the report, the cryptocurrency company moved 20 million coins to Coin.ph, a crypto exchange based in the Philippines. Also, this exchange is one of Ripple’s ODL corridors.

Key Ripple Levels to Watch — February 2

XRP continues to trade on a quiet tone on Wednesday, as the cryptocurrency remains restricted under the $0.6300 barrier since it bottomed at $0.5500 on January 22. Although we saw a sharp move near the $0.6600 level last Wednesday, bulls lacked the conviction to reclaim momentum, causing the price to fall back to the $0.6000 axis.

XRPUSD – Daily Chart on Bitfinex. Source: TradingView

Except if we record a sustained breakout above the $0.6300 resistance over the coming days, Ripple’s sideways momentum would likely continue. However, we expect to see some fiery trading momentum between Thursday and Friday, as the global economic docket for those days holds some market-moving data releases.

Meanwhile, my resistance levels are $0.6300, $0.6500, and $0.6800, and my support levels are $0.6000, $0.5800, and $0.5500.

Total Market Capitalization: $1.78 trillion

Ripple Market Capitalization: $29.9 billion

Ripple Dominance: 1.68%

Market Rank: #8

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.