- Ripple has locked 700 million XRP tokens in escrow, deviating from the usual 1 billion monthly release.
- CEO Garlinghouse defends Ripple’s XRP sales strategy amidst ongoing criticism and market scrutiny.
- XRP price faces resistance at $2.27, with bearish momentum reflected in RSI readings.
Ripple maintained its usual practice of locking 700 million XRP tokens in escrow through its established programmed escrow system.Whale Alert detected the recent transaction because Ripple sticks to releasing 1 billion XRP tokens every month according to schedule.
The unused XRP tokens are reimprisoned so Ripple maintains steady control over its circulating supply of tokens.
Ripple conducts its usual XRP token release of 1 billion but this month locked 700 million XRP. Market analysts interpret this development as an indication that Ripple intends to regulate its supply of tokens better after public critics raised concerns about XRP price control stemming from its automated selling routines. These changes in Ripple’s strategy reflect its activities to address worries concerning the market reaction to substantial XRP token deliveries.
The Ripple CEO Responded to Criticism Regarding token XRP sales
Ripple CEO Brad Garlinghouse addressed public criticism about XRP sales that occurred in the company’s past during a recent interview with Bloomberg. Through his interview with Bloomberg Brad Garlinghouse denied any sale methods from Ripple which negatively impacted XRP price stability. According to Garlinghouse the company needed to sell XRP to fulfill operational requirements but critics spread false information about the matter.
Ripple’s Chief Technology Officer David Schwartz recently declared that Ripple does not need to put independent XRP holders’ financial well-being first when operating its sales program. Schwartz made clear that Ripple maintains complete independence to manage its XRP holdings according to business needs.
The constant discussion reflects the fiercesome battle between Ripple’s operational freedom and XRP investors aiming to shield their market value from large token releases.
XRP Price and Market Sentiment
The current trading price for XRP stands at $2.119 while showing a decrease of 0.7% during the previous 24 hours. The token faces significant resistance because its price has approached the 20-day Exponential Moving Average (EMA) which maintains a value near $2.27. The price momentum of XRP depends heavily on the performance of its $2.27 resistance point.
The Relative Strength Index for XRP shows bearish-to-neutral price momentum with its current value of 40.49. The gradual decline in the RSI also indicates XRP may experience price stagnation that extends until it successfully recaptures the 20-day Exponential Moving Average level. The upcoming resistance point holds critical importance in deciding whether XRP’s price will advance or maintain current downward pressure.
