In a significant development, Ripple, the American blockchain payments leader, turned heads on Friday by unlocking nearly 900 million XRP tokens from escrow. This large-scale release of tokens came as the latest twist in the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), sparking renewed speculation on the future of XRP price trajectory. Currently trading around the $0.52 mark, XRP has stirred debates over a potential rally to an ambitious $25 target.
Ripple’s Massive 900M XRP Unlock
Data from Whale Alert on November 1 revealed that Ripple released 900 million XRP in two substantial transactions. The first transaction saw 500 million XRP (valued at roughly $254.7 million) transferred to the wallet address “rDqGA2Gfve,” while the second transaction moved an additional 400 million XRP, worth about $203 million, to the address “rw2hzLZgiQ.”
The expanded market supply from these releases has generated concern among investors amid a period of heightened price volatility for XRP. Additionally, a CoinGape Media report highlighted a rise in XRP whale transfers to exchanges, further underlining the cautious sentiment around the asset.
Ripple vs. SEC Lawsuit Developments
The legal narrative surrounding Ripple is also driving attention. The U.S. Court of Appeals for the Second Circuit recently set a January 15 deadline for the SEC’s opening brief on its appeal, marking a pivotal date in the Ripple Labs vs. SEC case. Legal updates could significantly impact XRP’s market trajectory, with investors closely watching for outcomes that could affect Ripple’s standing in the industry.
XRP’s Price Potential: Could It Reach $25?
At the time of writing, XRP is trading at $0.51 after a particularly volatile session, hitting a daily low of $0.5039 and a high of $0.5234. Intraday trading volume for XRP surged by 42%, reaching $1.25 billion, which has fueled both optimism and caution. Coin futures open interest data from Coinglass indicates a slight decline of 1% to $734 million, reflecting a mixed outlook on XRP’s price potential.
Recent analysis from CoinGape Media suggests that XRP could see a meteoric rise to $25. Market analysts project that the upcoming U.S. elections could heavily influence crypto markets, with some attributing this forecast to former President Donald Trump’s pro-crypto stance. Should the Republicans secure key wins, some believe this would provide further impetus for a substantial rally in XRP, raising hopes that a $25 target may indeed be achievable in the near term.
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