According to Chris O’s post on the X platform, he’s “not knocking XRP” but he strongly believes the coin does not have a good ROI. He explained that the cryptocurrency will always have constant sell pressure and he warns investors that it may tend to underperform despite expectations.
The Release of 1 Billion XRP from Escrow
Ripple released one billion XRP from its escrow wallet on Friday but it immediately deposited 800 million of it. This leaves 200 million units of the token to be sold in the market anytime.
It has been the practice of the crypto firm to re-lock 800 million XRP from each one billion XRP unlock to stabilize the economy of the coin. Meanwhile, the remaining 200 million will be circulated in the market gradually so that it does not cause turbulence in the digital asset’s price.
As of the recent outflow of one billion liquidity, XRP gained 1.5%. So far, the token is on an uptrend as of Sunday.
XRP sits at $0.6244 as of this writing, showing a 1.6% increase in value in the 24-hour chart. Trading volume within this timeframe is 39% as the token moved from a $0.613 low to a $0.6271 high. On the other hand, the circulating supply of the digital asset is 53.89 billion.
XRP displays mixed signals on TradingView’s MACD and Stochastic RSI indicators with a Buy and Neutral on the weekly chart but Sell and Neutral on the daily chart, respectively.
As per the latest disclosures of Ripple, the company revealed it only reserved the sale of XRP to On-Demand Liquidity (ODL) customers. Now known as Ripple Payments, the platform uses XRP to settle fiat-to-fiat transactions to do away with the exorbitant fees imposed by foreign exchanges.
Prediction for Christmas
In most instances, the Christmas season experienced a rush of investor interest in stocks and cryptocurrencies. So, what’s in store for XRP during that season?
Finbold just simulated the prices using an artificial intelligence (AI) tool with machine learning technology to see where the digital asset is heading. Despite the bullish momentum of the coin as of late, the result forecasts XRP price at the $0.6182 mark during the final week of December 2023.