In a positive development for XRP, Ripple Labs Inc. has released over 1 billion tokens from escrow at the beginning of October. This release has been done in four different tranches, with the largest one featuring 500 million XRP tokens. The market has responded well to this news, with XRP’s price increasing by 1.55% to $0.5214. This is significant because the digital currency has been facing challenges and unfair treatment in the market recently. Despite ongoing legal battles between Ripple and the SEC, a positive start to October could pave the way for bullish trends in the future.
While the short-term price level looks optimistic, the mid-term price trend also shows signs of positivity. On-chain data indicates that the long-term price of XRP has increased by 2.2%, recovering from previous losses and ending the previous month on a bullish note. XRP’s growth is supported by its underlying protocols, making it an intriguing token. It plays a crucial role in Ripple Labs’ On-Demand Liquidity (ODL) program and has gained attention in the XRP Ledger (XRPL) as well. With more tokens set to be released from escrow, XRP is expected to have sufficient liquidity to meet its obligations in the market.
In summary, XRP has started October on a strong note as Ripple Labs released over 1 billion tokens from escrow. The market has responded positively, with the digital currency’s price showing signs of improvement. This is significant considering the challenges XRP has been facing, including ongoing legal battles. The release of more tokens is expected to support XRP’s liquidity and pave the way for future growth.