Ripple Releases 1 Billion XRP into Escrow Wallet as XRP Remains in Sideways Pattern

Updated:

Ripple (XRP) has traded under immense pressure since December 2020 following the lawsuit by the SEC. Despite this, XRP has managed to remain in the top ten crypto rankings, beating the odds.

The blockchain company behind XRP has released 1 billion tokens in its programmed schedule release. The company released the tokens in two tranches for its escrow wallet.

Prominent whale transaction aggregator Whale Alert corroborated the development, announcing that $423 million worth of XRP has been unlocked from escrow at Ripple Escrow wallet. Ripple trades at $0.40 at press time, down by 4.95% on the day.

Interestingly, Ripple has locked 55 billion XRP tokens (worth $22 billion) in a series of escrows. This was done to implement additional predictability to the token supply. These escrow wallets are domiciled on the XRP Ledger itself.

Escrow will release one billion XRP tokens each month in 55 installments. The blockchain company also noted that they have updated their account security model. Ripple currently has a circulating token supply of 48.3 billion tokens, according to data from CoinMarketCap.

Meanwhile, Whale Alert also reported that large accounts have acquired more than $73 million worth of XRP in the last 24 hours.

Key Ripple Levels to Watch — June 1

XRP attempted a bullish push towards the $0.4400 pivot top on Monday but failed to make it past the 100 EMA around the $0.4250 level. The cryptocurrency has since retraced to the $0.4000 support line amid a broader market correction on Wednesday.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

The sixth-largest cryptocurrency has traded within a sideways pattern for three weeks and shows no sign of a momentum change in the near term. That said, we should expect a bearish continuation to the $0.3900 low in the coming hours, followed by a bullish charge to $0.4300 in the coming days.

Meanwhile, my resistance levels are $0.42500, $0.4400, and $0.4600, and my support levels are $0.4000, $0.3500, and $0.3000.

Total Market Capitalization: $1.25 trillion

Ripple Market Capitalization: $19.5 billion

Ripple Dominance: 1.56%

Market Rank: #6

 

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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.