Ripple continues its practice of locking 700 million XRP through its programmed escrow system, highlighting interest in its token supply management.
Escrow and XRP Supply Control
Ripple maintained the practice of locking 700 million XRP in escrow. Whale Alert detected the transaction as Ripple sticks to releasing 1 billion XRP tokens each month according to schedule. The unused XRP tokens are locked again to allow Ripple to maintain steady control over its circulating token supply.
CEO's Response to Criticism
Ripple CEO Brad Garlinghouse addressed public criticism about XRP sales in an interview with Bloomberg. He denied any selling methods negatively impacting XRP price stability. According to Garlinghouse, XRP sales were necessary for operational requirements, although critics spread false information. Ripple’s CTO David Schwartz recently declared that Ripple is not obligated to prioritize independent XRP holders' financial well-being in its sales program.
XRP Price and Market Sentiment
The current trading price for XRP is $2.119, showing a decrease of 0.7% over the past 24 hours. The token is facing resistance as its price neared the 20-day Exponential Moving Average (EMA), keeping around $2.27. The Relative Strength Index (RSI) shows bearish-to-neutral price momentum at 40.49, indicating possible price stagnation for XRP
Ripple's approach to managing XRP supply remains a critical issue amid market changes and sales strategy critiques.
