Price uncertainties persist around XRP, drawing interest to topics like the SEC lawsuit, unlocked tokens, and the circulating supply. A significant individual recently provided insights into XRP’s prospective trajectory, shedding light on its future potential.
Key Moves by XRP Whales
XRP boasts a total supply of 100 billion tokens. Despite the potential maximum supply, demand for XRP remains robust. Market expert Chad Steingraber emphasized that the perceived supply isn’t as vast as it appears.
Ripple releases 1 billion tokens monthly, with the majority being re-locked into escrow wallets, which contributes to the impression of scarcity in XRP’s supply.
Currently, around 40 billion XRP tokens are secured in escrow, while whales’ activities further reduce tokens available to individual investors. Presently, 55.6 billion XRP are in circulation, with the top 10 addresses controlling 11.2 billion and the top 50 holding 26.9 billion XRP, which is half of the circulating amount.
What Lies Ahead for XRP?
Whale behavior could notably affect XRP’s market availability if they opt not to sell, creating a challenge in finding XRP for trading.
This increasing scarcity, while concerning for new traders, signifies strong confidence in XRP’s future price trends. As Steingraber noted, retail trade largely influences XRP’s price, meaning a rise in demand from retail traders will eventually drive prices up.
Actionable Insights for Investors
Investors can draw valuable inferences from the current market data and trends:
- Monitor whale activity closely to anticipate market supply changes.
- Consider the impact of locked tokens on overall supply and price.
- Stay informed about regulatory developments, such as the SEC lawsuit, to understand potential market influences.
Conclusion
Currently trading at $0.4758 after a 3% drop over the past week, XRP shows signs of recovery with a nearly 1% increase in the last 24 hours. CryptoRank’s data suggests a historically positive price outlook for XRP in July, sparking curiosity about whether this trend will continue.
