Another 1 billion XRP token release from Ripple’s escrow mechanism is slated on June 1.
For those who are not acquainted, Ripple developed the method in December 2017 as a way to stabilise the XRP market.
55 billion XRP were placed into escrows by the firm, each containing 1 billion XRP, with a 55-month release schedule.
The question of whether these monthly releases affect the price of XRP is still debatable, with many contending that the regular nature of the release reduces the market impact.
The XRP coin, a key component of the Ripple blockchain ecosystem, has gained attention concurrently with this release. According to a survey by cryptocurrency analytics platform Santiment, it is now the cryptocurrency asset that is trending the highest.
Although accurate forecasts are notoriously difficult in the erratic cryptocurrency market, this surge of activity may indicate a change in pricing behaviour.
Despite these encouraging market signs, XRP price predictions have been circulating, largely driven by well-known cryptocurrency trader DonAlt. This price was last seen by the coin in November 2021. Despite persistent worries over Ripple’s well-publicized dispute with the SEC over the definition of XRP as a security, the unusual rise in address activity over the past few days has fanned confidence about XRP’s ability to outperform the larger crypto market.
According to John Deaton, a pro-XRP attorney, the outcome of the litigation, which is anticipated in the upcoming weeks, may have a substantial impact on the long-term trajectory of the XRP cryptocurrency.
XRP is now trading at $0.51, and despite the recent upswing and hype, the currency is still more than 80% behind its all-time high, which was reached in January 2018. With a 24-hour trading volume of more than $1.6 billion, XRP now has a market valuation of over $26 billion.
