- Ripple escrow timelock expired on Monday, and one billion XRP tokens were unlocked.
- The one billion token unlock is part of Ripple’s unlocks scheduled till January 2025.
- XRP hovers around $0.48 on Tuesday, adding more than 1% to its value on the day.
Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day.
With no new developments in the SEC vs. Ripple lawsuit, market participants closely watch escrow unlocks and on-chain metrics to identify where XRP is headed next.
Daily Digest Market Movers: Ripple unlocks 1 billion XRP from escrow, social dominance rises
- As part of scheduled routine unlocks, the escrow timeline for 1 billion XRP tokens expired on Monday, according to Bithomb data.
- The unlock occurred in three tranches of 400 million, 100 million, and 500 million XRP, respectively.
- As seen in previous instances in February and May, the scheduled unlocks do not significantly impact the XRP price.
- On-chain data from crypto tracker Santiment shows that social dominance, a metric used to identify the relevance of XRP among traders, hit a three-month peak.
- The rise in social dominance of an asset is associated with increasing mentions on social media and higher demand for XRP among traders.
- The chart below shows a spike in social dominance, bringing it above levels previously seen in the last week of March.
 [13.05.17, 02 Jul, 2024]-638555136923538912.png)
XRP social dominance vs. price
- XRP holders realized over $63 million in losses on Monday, a large negative spike in the Santiment’s Network Realized Profit/Loss (NPL) metric. This is consistent with capitulation among retail traders and signals a recovery in the altcoin is likely.
 [13.06.44, 02 Jul, 2024]-638555137225711199.png)
XRP Network Realized Profit/Loss vs. price
Technical analysis: XRP hovers around $0.48 on Tuesday
Ripple has been in a state of decline since March 11, but XRP is hovering around $0.48 on Tuesday. The altcoin could climb toward the Fair Value Gap (FVG) between $0.4825 and $0.4841. Further up, XRP faces resistance at the psychologically important $0.50 level.
XRP/USDT daily chart
If selling pressure resumes, XRP could correct to the June 7 low support at $0.4508.
Cryptocurrency prices FAQs
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows
Bitcoin market sees a decline in volatility per on-chain data from Crypto Quant. Bitcoin ETFs saw a net inflow of $129 million on July 1; on-chain analysts predict a relief rally in BTC.
Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47
Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day.
Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April
US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage. German Government transferred 1,500 BTC, valued at $94.7 million, out of its wallet on Monday.
Chainlink poised for a rally as whales buy the dips
Chainlink’s price bounced from the weekly support level at $13.15 and extends recovery on Tuesday. On-chain data shows that whales have accumulated 2.08 million LINK in the past seven days.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.