Altcoin
XRP Price Dips as Ripple Unlocks 1 Billion Tokens From Escrow
XRP price experienced a decline as Ripple unlocked 1 billion tokens from its escrow account. This move, a long-term strategy to manage the token supply, is designed to enhance transparency and predictability in the market. Despite this intention, the immediate market reaction reflected a cautious sentiment among investors.
XRP Price Dips as Ripple Unlocks 1 Billion Tokens
On the first day of September, Ripple made a move by releasing 1 billion XRP tokens through its well-coordinated escrow process. The transaction, executed in three phases within minutes, released 500 million, 200 million, and 300 million XRP tokens, respectively.
These tokens, valued at over $560 million, were distributed from “Ripple 24” wallet, which has been active for over seven years.
The first transaction occurred at 02:46:22 UTC, releasing half a billion tokens valued at approximately $280 million. The second and third disbursements swiftly followed, ensuring that a substantial amount of XRP was injected into the market.
Due to this large-scale release and increased market volatility, the XRP price slightly declined, trading at $0.5569, a 2.26% decrease from the previous day.
David Schwartz, Ripple’s Chief Technology Officer, has openly discussed the escrow mechanism implemented in 2017. At that time, the company secured 55 billion XRP in several escrow accounts to manage the supply effectively.
The intent was to release 1 billion XRP monthly to diminish the hold on the supply and foster decentralization. However, Schwartz has expressed mixed feelings about the effectiveness of this strategy.
In earlier statements, he reflected on the company’s initial objective to expedite the reduction of its XRP holdings and contemplated the long-term impact of such releases.
Market Response and Analysis
Moreover, analysts observed that the unlocked tokens remained within the “Ripple 24” wallet, indicating no immediate plans for further distribution. This action mitigated a steeper price drop, as the tokens were held in reserve.
While the unlock could potentially increase liquidity, it also raises concerns about price stability. More so, the crypto company use of escrow aims to balance the supply with predictable releases.
XRP enthusiast David Baker observed that with the influx of XRP into the market, a notable sell-off could be imminent, potentially leading to a decrease in price. Additionally, analyst Nilesh Rohilla remarked that the releases are puzzling to investors, prompting him to pronounce “RIP to XRP.
In addition, the bullish forecast for XRP price hinges on the potential repetition of a historical pattern observed in 2020. If XRP breaks out from its current falling wedge setup, it could replicate the 742% surge seen previously, potentially elevating XRP price to $4.
This scenario aligns with the crypto company initiatives with small banks and could signal a new peak for the crypto.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple CEO Brad Garlinghouse has been instrumental in shaping the narrative and future of XRP. According to All Things XRP, Garlinghouse is steering XRP towards a monumental breakthrough, driven by its unparalleled potential to revolutionize global payments. The CEO’s vision for Ripple’s token is centered on real-world utility, scalability, efficiency, and other unique capabilities – positioning it for unprecedented growth and adoption.
In a series of X posts, the expert referred to Brad Garlinghouse’s influential statements on XRP. Acknowledging his powerful words, the expert highlighted their significant impact on the token’s establishment as a top contender in the crypto space.
How Ripple CEO Aids XRP’s Growth? Expert Insights
According to All Things XRP, Ripple CEO Brad Garlinghouse is spearheading XRP’s increased adoption and expansion. Garlinghouse’s multiple posts and comments on the crypto’s potential have significantly influenced its global recognition.
Let’s explore Brad Garlinghouse’s words that boosted Ripple coin’s growth over the past few years, despite the prolonged Ripple vs SEC lawsuit and other regulatory hurdles.
Garlinghouse Acknowledges Ripple Coin’s Use Cases
Notably, the Ripple CEO highlighted XRP’s use cases in global payments. He also underscored the token’s potential to solve a multi-trillion-dollar problem.
According to Garlinghouse, the Ripple coin’s purpose-built design enables fast, efficient, and low-cost transactions, making it an attractive solution for high-volume payment corridors. Its speed, efficiency, and low cost position the Ripple token as a leading contender in the digital asset space. He cited, “If we continue to drive the success we’re driving, we’re driving a massive demand for XRP because we’re solving a multi-trillion dollar problem.”
What is XRP’s Advantage?
Interestingly, XRP remains unique in the vast crypto space with its key features. Being 1000 times faster and less expensive than the pioneering cryptocurrency Bitcoin, the token solidifies its position as a key player in the crypto market. This makes it an ideal solution for high-volume payment corridors. The Ripple CEO stated,
XRP was built by engineers who saw Bitcoin’s flaws, especially scalability. XRP is 1,000 times faster.
In addition, the crypto is decentralized, functional, and independent. This means that the token’s existence and performance are not dependent on Ripple. “If Ripple as a company went away, XRP would continue to trade,” noted Brad Garlinghouse.
Furthermore, the Ripple token has achieved regulatory clarity, with global regulators recognizing it as not being a security. It is noteworthy that Ripple’s coin is one of the first cryptocurrencies to be concluded as a non-security. This provides a clear path forward for its growth and adoption.
Brad Garlinghouse Remains Transparent
As pointed out by the expert, Garlinghouse remains transparent about Ripple’s business model. It relies on selling XRP to generate revenue and achieve profitability. Garlinghouse admitted, “We would not be profitable or cash flow positive without selling our XRP holdings.”
Garlinghouse has also predicted that Ripple’s token will be included in the US crypto reserve.
XRP’s Future Prospects and CEO’s Personal Stance
Significantly, the Ripple CEO remains optimistic about XRP’s future and ETF launch. While all the nine Ripple ETFs have gained the SEC’s recognition, experts believe that they will be approved before December 2025. According to him, “It’s just inevitable that [XRP] will be offered through an exchange-traded fund.”
Further, he emphasized the role of Ripple’s token in the multichain world, while also advocating for fairness across chains. He has also revealed his personal crypto holdings that include XRP, BTC, and ETH.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The DOGE price is relatively seen stable over the past few hours, currently trading above the crucial $0.15 mark. Though Dogecoin has recovered from the last week’s downtrend, the meme coin has failed to show significant movements over the past 24 hours.
However, analysts and exerts remain confident about Dogecoin’s future trends. Market experts like STEPH IS CRYPTO believe that the meme coin will hit $1 in the near future.
Dogecoin Price To Hit $1; Know More
Over the past few days, DOGE has been showing a negative trend, with its price slipping to a low of $0.1515 from a weekly high of $0.1685. Though Dogecoin’s price recently broke the $0.154 mark, it’s been steady over the past day with no significant fluctuations.
Amidst this stagnant market, analyst STEPH IS CRYPTO predicted DOGE’s potential rally to the significant $1. Identifying a key support level, the analyst suggested the meme coin is poised for a bullish reversal now that it has broken past this support. The analyst shared an X post in which he wrote, “$DOGE will teleport to $1.00.”
In his previous X post, STEPH IS CRYPTO forecasted Dogecoin’s potential resurgence to $2, sparking traders’ enthusiasm. As of press time, Dogecoin is valued at $0.1548, marking a marginal dip of 1.5%. Over the past week and month, the meme coin experienced declines of 1.3% and 7.5%, respectively.
What is Dogecoin’s 93-Day Bull Run?
According to crypto analyst Trader Tardigrade, Dogecoin is set for a 93-day bull run. Historical data indicates that Dogecoin’s price action tends to cycle through a pattern of 159 days of bearish trend, followed by a 93-day period of bullish momentum.
With current market conditions showing signs of consolidation, traders are eyeing a potential breakout. If historical trends repeat, Dogecoin could see significant gains over the next 93 days.
Institutional Interest Grows: What Does It Mean for DOGE Price?
Significantly, DOGE is now considered as a feasible method of payment by many Wall Street firms like Tesla, AMC Theatres, and Newegg. Asset manager 21Shares attributes this increased adoption of Dogecoin to its fast block processing time and low transaction fees, making it an attractive option for small payments and tipping.
Interestingly, this growing acceptance of Dogecoin as a payment method has sparked optimism about the meme coin’s potential price impact. As more institutions adopt DOGE, increased demand could drive its value to new heights. According to CoinGape’s Dogecoin price prediction, the meme coin could reach up to $0.1824687 in 2025.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In remarkable XRP news, HashKey Capital has rolled out Asia’s first XRP Tracker Fund in an attempt to open the floodgates for institutional investors. The digital asset investment firm has tapped Ripple as an anchor investor, building on previous high-level partnerships between both entities.
HashKey Capital Launches Asia-first Tracker Fund
Digital asset investment giant HashKey Capital has announced its first investment product to track XRP’s price. According to a press release, HashKey Capital launched the first XRP Tracker Fund in Asia, providing investors with institutional-grade exposure to XRP price.
The newly minted fund will provide institutional investors with XRP exposure without the hassle of direct ownership, trading or custody. Per the announcement, the XRP Tracker Fund will mirror the price of XRP with investors with cash subscription and monthly redemptions.
The latest fund is HashKey’s third tracker fund after the successful rollout of its Bitcoin and Ethereum exchange-traded funds (ETFs). According to the XRP news, plans are underway to convert the XRP Tracker Fund into an ETF with HashKey Capital targeting a two-year timeline.
Hashkey Capital disclosed that Ripple will provide the first round of funding for the tracker fund. Apart from seeding the initial investment, Ripple is tapped to become an anchor investor, committing a significant amount of cash.
Ripple, fresh from its Hidden Road broker deal is keen on deepening existing ties with HashKey Capital. Top on the list for both parties is the exploration of new investment products, tokenization, and DeFi solutions.
XRP ETFs Are Gathering Steam
HashKey says choosing XRP as its third tracker fund in Asia was an obvious choice for the investment firm. The press release mentions XRP’s functionalities in enabling efficient transactions beyond traditional alternatives. Already, conversations of a SWIFT integration with Ripple is growing louder and the impact on XRP price.
“XRP stands out as one of the most innovative cryptocurrencies in today’s market attracting global enterprises who use it to transact, tokenize and store value,” HashKey Capital Liquid Funds partner Vivien Wong.
While XRP is gaining traction, anticipation for an XRP ETF has reached an all-time high. An XRP leveraged ETF had a strong start to life, outperforming Solana to set a new altcoin record.
At the moment, a handful of XRP spot ETFs from top investment firms are awaiting approval by the SEC. Industry expert All Things XRP predicts that nine XRP spot ETFs will be approved by the SEC.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Babylon’s TVL Drops 32% After Massive Bitcoin Unstaking
Why Relying on TVL Could Mislead Your DeFi Strategy
China’s M2 Surge Could Send Bitcoin to $90,000
Ripple CEO Brad Garlinghouse Drives XRP’s Global Expansion; Know How
100 Million Tokens Could Trigger Decline
Vietnam Partners with Bybit to Launch Legal Crypto Exchange
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin20 hours agoCZ Honors Nearly $1 Billion Token Burn Promise
-
Market20 hours agoOver $700 Million In XRP Moved In April, What Are Crypto Whales Up To?
-
Market23 hours agoBitcoin Price Poised for $90,000 Surge
-
Altcoin23 hours agoXRP Continues To Outpace ETH For 5 Months; What Lies Ahead?
-
Market21 hours agoXRP Price Finds Stability Above $2 As Opposing Forces Collide
-
Altcoin21 hours agoCoinbase Reveals Efforts To Make Its Solana Infrastructure Faster, Here’s All
-
Ethereum14 hours agoEthereum Investors Suffer More Losses Than Bitcoin Amid Ongoing Market Turmoil
-
Market19 hours agoCrypto Casino Founder Charged With Fraud in New York
✓ Share: