After Ripple made a transfer of 150 million XRP to an unknown wallet, the price of the cryptocurrency involved has soared over 12%, and rumors have surfaced that the blockchain company could be nearing its settlement of the case with the United States Securities and Exchange Commission (SEC).
Indeed, the Ripple team has transferred 150 million XRP to an unknown crypto wallet, which some have suggested might have to do with the upcoming SEC meeting at the Commission’s headquarters in Washington DC on July 18, which will discuss settlements and litigation resolutions.
As a result of these rumors and due to the hopes of the crypto community that the settlement in the long-running courtroom standoff concerning the sales of XRP to institutional buyers might be near, the price of XRP has increased nearly 40% on its weekly chart, and more than 12% in the last 24 hours.
XRP price action in 2024. Source: Crypto News (CoinGape)
That said, the XRP transfer in question, worth $87.5 million, seems to be nothing more than a part of the Ripple team’s usual monthly sell-offs through escrows, the previous of which took place on July 9, and which tend to result in supply inflation, as well as typically placing downward pressure on the price of XRP.
XRP price analysis
However, this time around, the currently sixth-largest asset in the crypto sector by market capitalization has done the exact opposite – racing 12.53% in the last 24 hours, adding up to the 38.95% advance across the previous seven days, and gaining 23.62% on its monthly chart, to the price of $0.61171, as per data on July 17.
XRP price 7-day chart. Source: Finbold
As a reminder, in 2017, Ripple adopted an escrow system to regulate XRP’s release on the XRP Ledger, committing to unlock one billion XRP monthly over the course of 55 months. Nonetheless, they often re-escrow unused XRP, extending the initial distribution timeline.
All things considered, Ripple news and XRP news today can sometimes impact the price of the relevant tokens, but trends in the crypto market have the habit of changing unexpectedly, so doing one’s own research is critical, especially when investing substantial amounts of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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