• Ripple Labs has unlocked 1 billion XRP from its escrow account amid an ongoing lawsuit with the SEC.
• The company is using the XRP tokens to incentivize developers and to tap into its RippleNet services.
• The XRP price has been consolidating in a macro-wedge formation since hitting its all-time high around $3.4 in 2018.
Ripple Unlocks 1B XRP From Escrow Account
Ripple Labs, the blockchain payment giant, continues to sell XRP from its escrow account despite the ongoing lawsuit filed by the US Securities and Exchange Commission (SEC). On March 1, 2023, Ripple received 1 billion XRP from its escrow account in several batches of 400 million each and two transfers of 100 million units each.
Using XRP Tokens for Incentives
Ripple is using these tokens to incentivize developers on the XRPL and institutional financial partners intending to tap into its RippleNet services. For instance, Ripple sent 50 million XRP to an unknown wallet recently according to on-chain data.
SEC Suit Over Unregistered Securities
The SEC has accused Ripple of selling unregistered securities but United States SEC Chair Gary Gensler has indicated that every cryptocurrency except Bitcoin is an unregistered security which has caused backlash within the cryptocurrency community.
XRP Market Outlook & Price Analysis
The XRP price has rebounded from a multi-year falling trend line that began in mid-April 202 and currently trading at $0.32 – $0.35 range due to a daily death cross between 50 & 200 MA acting as strong resistance level .It hit it’s ATH around $3.4 in 2018 and crypto analysts expect it could retest this level after consolidation period ends..
In conclusion, there is much uncertainty surrounding whether or not the ongoing lawsuit against Ripple Labs will end soon but should history repeat itself then we can expect good news for those invested in this asset class as it could potentially reach highs seen several years ago once again