As Altcoin cryptocurrencies continue to rise in value, Ripple's escrow timelocks were lifted on Monday, releasing one billion XRP
On Monday, Ripple's escrow timelock was lifted, releasing one billion XRP coins.
A total of one billion tokens will be unlocked by Ripple between now and January 2025.
With a gain of almost 1% on the day, XRP is trading at about $0.48 on Tuesday.
Monday saw the release of 1 billion Ripple (XRP) tokens from escrow, which is scheduled to continue until January 20, 25. At the start of Tuesday, XRP was trading at about $0.48, up over 1% for the day.
Market players are keeping a careful eye on escrow unlocks and on-chain measures to determine the future of XRP, since there have been no significant developments in the SEC vs. Ripple dispute.
The escrow period for one billion XRP tokens ended on Monday, in accordance with Bithomb data, as part of the regularly planned unlocks.
Three separate amounts of 400,000,000, 100,000,000,000, and 500,000,000,000 XRP were unlocked.
Just as in February and May before it, the planned unlocks have little to no effect on the XRP price.
According to Santiment's on-chain statistics, social dominance—a measure used to determine XRP's importance among traders—reached a three-month high.
Trader demand for XRP and social media mentions of the asset both increase as its social influence grows.
An increase in social dominance has been seen, as shown in the graph below, surpassing levels observed in the last week of March.
According to Tuesday's technical analysis, XRP is trading at about $0.48.
Even though Ripple's value has been falling since March 11, XRP is trading at about $0.48 on Tuesday. Between $0.4825 and $0.4841, the alternative currency can reach the Fair Value Gap (FVG). Moving higher, the psychologically significant $0.50 level presents XRP with resistance.
In the event that selling pressure returns, XRP may find support near the low point on June 7, which is $0.4508.
