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Ripple Moves 900M XRP From Escrow, Is $25 Target Possible?
In a riveting turn of events, American blockchain payments company Ripple stole the spotlight on Friday, unlocking nearly 900 million coins from escrow. The massive unlock emerged in tandem with noteworthy lawsuit developments, sparking market discussions over future price action. XRP price traded at the $0.52 level today, with the broader market speculations gauging in on a potential $25 target ahead amid recent developments.
Ripple Unlocks 900M Coins From Escrow Sparking Discussions
As per data by Whale Alert on November 1, the American blockchain payments company Ripple unlocked 900 million XRP from escrow in two massive transactions. The first transaction indicated that 500 million coins, worth $254.70 million, were unlocked and transferred to the address rDqGA2Gfve. Further, the second transaction indicated that 400 million coins, worth $203 million, were unlocked and moved to the address rw2hzLZgiQ.
These escrow transactions, boosting the token’s market supply, have raised investor concerns amid the token’s current volatile run. Further, a recent CoinGape Media report spotlighted massive XRP whale dumps to exchanges, solidifying an apprehensive market state for the digital asset.
Simultaneously, recent legal maneuvers in the Ripple Labs vs. the U.S. SEC lawsuit have garnered additional attention toward the massive on-chain transactions surrounding the coin. Notably, the U.S. Court of Appeals for the Second Circuit set January 15 as the deadline for the US SEC to file its opening brief regarding appeals in the ongoing lawsuit.
Will XRP Rally To $25?
At press time, XRP is trading at $0.51, showcasing a highly volatile trading session over the past day. Further, the coin’s intraday low and high were recorded as $0.5039 and $0.5234, respectively.
Notably, Ripple coin’s intraday trading volume soared 42% to $1.25 billion, sparking contrasting market sentiments about the asset’s future. Besides, Coinglass data showed that the crypto’s futures OI slipped 1% to $734 million. This data has added to mixed investor sentiments surrounding the asset’s price ahead.
Also, it’s worth mentioning that an XRP price analysis by CoinGape Media suggests that the coin could rally as high as $25 soon. As the U.S. elections near, crypto market analysts anticipate a phenomenal shift in price trajectories. Primarily, with Donald Trump’s pro-crypto stance and substantially high winning bets, market watchers anticipate that a $25 price target is possible, given the Republican wins.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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