Ripple pushed 1,000,000,000 XRP into circulation, a $2.19 billion unlock that looked like trouble on paper, yet the XPP price chart opened a direct path to the $2.33 zone.
As always happens in the first week of a new month, Ripple, the San Francisco-based crypto solutions company known primarily for its association with XRP, released a large portion of the coins from its escrow accounts — 1,000,000,000 XRP to be exact, according to Whale Alert.Â
Valued at just over $2.19 billion at press time, such a large volume of cryptocurrency flooding the market, of course, attracted all the attention to the price chart of XRP.
For those not familiar, Ripple conducts such escrow unlockings each month to gradually release XRP vaults, keeping the pressure off the price. First, the company releases one billion XRP, then some of it gets locked back in.Â
The numbers vary, but recent trends indicate that around 600 million XRP make it back to Ripple’s escrows. With 34.47 billion XRP still in the company’s reserves, this monthly routine process is far from over.
What’s with XRP price?
Back to the XRP price conversation, it should be said that the quotes almost did not feel the pressure at all. There was some selling at the time when Whale Alert’s message hit the timeline, with XRP losing 1.45% in the next three hours, but after that, the price eventually made new local highs, rising by over 3% to the current time.
Thus, to say that the $2.19 billion XRP release on the market was an act of relentless price dumping is an exaggeration.
If the XRP price is able to hold on to recent gains, then the next visible strong level for it seems to be at $2.33, which is another 6.55% higher than the current point. That is where the upper curve of the Bollinger Bands on the daily frame is currently stretching.