In the past month, XRP has experienced a notable decline, dropping by at least 13.1%. At the start of October, XRP was priced at $0.61175, but by the end of the month, it reached a low of $0.50877, signifying a 20.24% downturn. Recently, Ripple announced the release of one billion XRP from escrow for November, raising questions about its impact on the market. Let’s delve into the details.
Ripple’s November XRP Escrow Release
According to recent reports, Ripple has unlocked one billion XRP for November through a series of three transactions. Two of these transactions, totaling 500 million XRP, were directed to a single address. The first transaction deposited 400 million XRP, followed by another of 100 million XRP. The remaining 500 million XRP was transferred to a different address, completing the third escrow execution.
Transaction and Holding Pattern
After these transactions, both addresses now hold a total of one billion XRP each. Ripple has established a pattern of locking 800 million XRP later on the same day, retaining 200 million XRP for operational requirements. This strategy has been consistent lately, following a brief period of irregular releases earlier this year.
Recent XRP Market Performance
At the beginning of this year, XRP was valued at $0.62950. By January 31, it had dipped to a low of $0.50273. However, in early February, increased buying pressure propelled the price to a yearly high of $0.72289 by March 11. The market witnessed another downturn, reaching a low of $0.47894 on April 13. From April 14 to July 15, XRP exhibited sideways movement, fluctuating between $0.55742 and $0.41964.
In mid-July, the market broke out of this range, with prices peaking at $0.62808 on July 18. As August began, XRP’s value fell from $0.60076 to $0.48818. Despite efforts to recover on August 7 and 8, the price remained within the range of $0.61707 and $0.55280 for the rest of the month. It wasn’t until September 29 that the market climbed above the opening price of August 1.
In early October, XRP experienced another sharp decline from $0.61068 to $0.52120. For the remainder of the month, the market hovered between $0.54819 and $0.50096. Currently priced at $0.51921, XRP has yet to rebound from the October dip. Over the past week, the market has decreased by approximately 0.5%, though a 0.6% increase was observed in the last 24 hours.
Conclusion
Ripple’s consistent escrow strategy might contribute to market stability, yet without a robust upward drive, XRP’s price action might continue to face challenges. For the latest updates on the XRP market, stay tuned to Coinpedia!
