While price uncertainties continue in XRP, the most curious topics include the SEC lawsuit, unlocked tokens, and the circulating amount of XRP. Recently, an individual made some statements and shed light on XRP’s potential future.
Recent Moves by XRP Whales
XRP has a total circulating supply of 100 billion XRP tokens. Despite the potential peak supply of 100 billion, XRP has always managed to maintain demand. This situation was highlighted by Chad Steingraber, a significant figure in the market, who emphasized that the supply is not as high as it seems.
Steingraber pointed out that Ripple unlocks 1 billion tokens each month, with most being re-locked into escrow wallets, explaining why XRP appears scarce in terms of supply.
Steingraber also highlighted the current state of these escrows, noting that approximately 40 billion XRP tokens are currently locked.
In addition to the 40 billion XRP tokens currently locked, the number of tokens available to individual investors is also decreasing due to whales. When examining the 55.6 billion XRP currently in circulation, the top 10 XRP addresses control 11.2 billion XRP of the total supply. Meanwhile, the top 50 addresses hold 26.9 billion XRP, which is half of the current XRP amount.
The Future of XRP
If whales decide not to sell, it could significantly impact the price. This situation could make it difficult to find XRP available in the market.
Although increasing scarcity may seem concerning for new retail traders trying to buy XRP, it also indicates strong confidence in XRP’s future price movement. As Steingraber mentioned, retail trade determines the price, meaning an increase in demand from retail traders will eventually lead to a price increase.
At the time of writing, XRP is trading at $0.4758 after a 3% drop in the past seven days. On the other hand, the price drop appears to have weakened in the last 24 hours, showing a nearly 1% increase.
CryptoRank data shows that XRP’s price outlook in July has always been positive in the past four years. Whether this situation will repeat itself has already become a topic of curiosity.
