Data shows that in two distinct transactions, Ripple released one billion XRP.
XRP is down 4.22% in the last 24 hours as per CMC.
In the action brought forward by the U.S. Securities and Exchange Commission (SEC), Ripple Labs and XRP holders are anxiously awaiting a Summary Judgment. Ripple, however, has released additional XRP into circulation as the day of reckoning draws near.
Data shows that in two distinct transactions, Ripple released one billion XRP, or around $470 million worth tokens. The most recent escrow release suggests that 52 percent of the XRP has entered circulation.
Ripple has put 55 billion XRP, or around 55 percent of the entire supply, in an escrow to ensure more supply stability. In accordance with protocol, 3 billion XRP were distributed, as stated in Ripple’s Q1 report for 2023. In the same time frame, however, 2.1 billion XRP were returned and placed into fresh escrow.
All Eyes on Lawsuit Judgment
Moreover, the price of XRP has increased by about 18% in the last 90 days, as shown by the data. It’s been one of the best-performing cryptocurrencies over this time frame.
A tracker was monitoring the Bitstamp cryptocurrency exchange during the escrow release when a whale wallet dumped 29 million XRP (about $13.7 million) into the market. According to CMC, the XRP price today is $0.459756 USD with a 24-hour trading volume of $891,234,934 USD. XRP is down 4.22% in the last 24 hours.
Even with legal difficulties from the U.S. SEC, Ripple’s native cryptocurrency still has a market worth of over $24 billion. Undoubtedly the result of the ongoing litigation with the SEC will have a huge impact on the price of XRP.