Ripple, amid speculation of nearing a settlement with the SEC, recently transferred 150 million XRP to an undisclosed wallet. This move coincided with rumors surrounding an upcoming SEC meeting on July 18 in Washington DC, focusing on potential settlements and legal resolutions.
As a result of these developments and optimistic sentiments within the crypto community regarding a potential resolution to the long-standing SEC lawsuit concerning XRP sales, the cryptocurrency surged over 40% on its weekly chart and more than 12% in the past 24 hours.
XRP price action in 2024. Source:Crypto News (CoinGape)
However, the transfer of 150 million XRP, valued at $87.5 million, appears to be part of Ripple's routine monthly escrow sell-offs. Previous similar transactions occurred on July 9, typically contributing to supply inflation and exerting downward pressure on XRP's price.
Despite expectations, XRP, currently ranked sixth by market capitalization in the crypto space, defied the norm by climbing 12.53% in the last 24 hours. Over the past week, it has surged by 38.95%, and on a monthly basis, it has risen by 23.62%, reaching a price of $0.61171 as of July 17.
XRP price 7-day chart. Source:Finbold
Ripple implemented an escrow system in 2017 to manage the release of XRP on the XRP Ledger. This involved unlocking one billion XRP monthly over 55 months, with provisions to re-escrow unused tokens, thereby extending the distribution timeline.
While Ripple and XRP news can influence token prices, the volatile nature of the crypto market underscores the importance of conducting thorough research, especially before making significant investments.
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