David Vance

Impact

Million

<p>The price of XRP remained stable despite significant movements in its token supply by Ripple. Ripple, the company behind XRP, transferred 1 billion XRP tokens, even as they committed to locking down 800 million XRP in escrow. According to the announcement, this move followed an earlier release of 500 million XRP tokens from escrow.</p>
<h2 id="b-ripple-locks-800-million-xrp-in-escrow-b"><b>Ripple Locks 800 Million XRP in Escrow</b></h2>
<p>Ripple’s recent release of 500 million XRP tokens from escrow is a <a href="https://finbold.com/sell-off-incoming-ripple-to-unlock-1-billion-xrp-on-may-1/" rel="noopener noreferrer nofollow">deviation from its monthly practice of releasing 1 billion XRP tokens</a> since 2017. This event signals a change in Ripple’s standard practices.</p>
<p>Meanwhile, Ripple shared the 500 million released XRP tokens into two different wallets, allotting <a href="https://bithomp.com/explorer/C99D96CFFA03ACD80422584AB00391633814B5DC78CD1C089CE2E8D6F1F5F733" rel="noopener noreferrer nofollow">200 million</a> to one and <a href="https://bithomp.com/explorer/9F75A20F668563D27B18EF5AAEB785B867648EC47F4734B71569185958BB376B" rel="noopener noreferrer nofollow">300 million</a> to the other. Notably, one of the wallets that received 300 million XRP tokens has locked all the tokens back in escrow, while the other wallet retained its tokens.</p>
<p>Subsequently, Ripple <a href="https://bithomp.com/explorer/79DF4ED7D72C023EBE3C36F243C6C9DAF64E805CCAD4C33B02E10205FDF9A5B7" rel="noopener noreferrer nofollow">moved </a>an additional 500 million XRP tokens released from escrow last month to another account managed by its team, resulting in a total of 1 billion tokens being transferred across four separate wallets. However, the recipient address returned the 500 million XRP received to escrow, making the XRP secured in escrow to 800 million.</p>
<h2 id="b-sec-ripple-lawsuit-and-its-impact-on-the-xrp-price-b"><b>SEC Ripple Lawsuit and Its Impact on the XRP Price</b></h2>
<p>The ongoing lawsuit against XRP, filed by the Securities and Exchange Commission (SEC) three years ago, has yet to be resolved. The SEC accused Ripple of selling XRP in an unregistered security offering, resulting in a two-year suspension of XRP trading on American cryptocurrency brokerage platforms, and the risk of court-ordered repercussions remains a significant concern.</p>
<p>The <a href="https://thecoinrise.com/ripple-clo-projects-the-end-to-sec-lawsuit-in-2024/" rel="noopener noreferrer nofollow">next jury trial for the SEC lawsuit will take place in the summer</a> or fall of 2024. Notably, a favorable decision could boost XRP’s price this year, whereas a harsher verdict would likely have the opposite effect on its valuation.</p>
<p>Despite its recent upward trajectory following a prolonged downtrend, XRP has yet to reach its $1 target due to its slow momentum.&nbsp; As of the time of writing, XRP is <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">trading </a>at $0.5139, a 3.62% in the past 24 hours</p>
<h2 id="b-ripple-cto-speaks-on-xrp-price-manipulation-claims-b"><b>Ripple CTO Speaks on XRP Price Manipulation Claims</b></h2>
<p>In response to accusations of XRP price manipulation, Ripple’s Chief Technology Officer, David Schwartz categorically <a href="https://thecoinrise.com/ripple-cto-breaks-silence-on-xrp-price-manipulation-claims/" rel="noopener noreferrer nofollow">denied the allegations and responded to the claims</a>. Schwartz vehemently refuted the accusations, stating that Ripple had discontinued its programmatic sales of XRP since the first quarter of 2023, as detailed in Ripple’s Q1 2023 XRP Markets Report.</p>
<p>Ripple’s CTO emphasized the company’s commitment to mitigate any price disruptions resulting from these sales and expressed perplexity regarding the allegations of manipulation. However, doubts persisted in the XRP community regarding Ripple’s sales practices and the effectiveness of its payment solutions.</p>
<p>The post <a href="https://thecoinrise.com/xrp-price-remains-stable-as-ripple-transfers-1b-xrp-tokens/" rel="noopener noreferrer nofollow">XRP Price Remains Stable as Ripple Transfers 1B XRP Tokens</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.</p>

XRP Price Remains Stable as Ripple Transfers 1B XRP Tokens

Table of Contents

TheCoinrise Media

Other articles published on May 2, 2024

Bitcoin (BTC) Breakout Above $73,000 Likely Despite Correction

Terraform Labs Challenges SEC’s $5.3 Billion Fine, Proposes a $1 Million Penalty

Pickup artists using AI, deep fake nudes outlawed, Rabbit R1 fail: AI Eye

Tokenization with a Twist: Scopuly’s Innovative Approach to Asset Tokenization on Stellar

Over $21 Million in XRP Moved to Binance: Details

MicroStrategy Orange Advances Decentralized ID Solutions

Join our free newsletter for daily crypto updates!