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Ripple Escrows 55 Billion Tokens Averts XRP Oversupply Concerns

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Ripple Escrows 55 Billion Tokens Averts XRP Oversupply Concerns

Ripple price has received a major boost after the company locked up 55 billion XRP tokens in an escrow account as part of an effort that seeks to control supply in the market. The Fintech startup is to release 1 billion tokens every month for Ripple use. Any unused tokens will be placed back in escrow.

 Escrow Lock up Impact

People can now mathematically verify the maximum supply of Ripple tokens in supply at any given time. Secured escrow account also creates certainty for XRP supply as the Fintech startup continues to demonstrate tremendous track record when it comes to supporting the ecosystem.

Regulating the amount of XRP tokens in supply underscores the company commitment to building liquidity and a healthy trusted market. Initially, there were concerns that flooding of the coins could lead to a price crash.

The move to control token supply appears to have strengthened investors’ confidence in the cryptocurrency after coming under pressure in recent weeks. Trading volumes have swelled up in the aftermath of the escrow development to nearly $700 million. Nearly half of the Ripple’s trading volumes comes from exchanges in South Korea, led by Bithumb and Coinone.

XRP Price analysis

Ripple price had initially dropped to $0.205 amidst concerns of the number of tokens in supply. The cryptocurrency has since bounced back and is currently trading at the $0.247 handle. The crypto faces immediate resistance at the $0.255 mark, which is a key resistance. A close above the level could see the cryptocurrency making a push for its all-time highs of $0.28.

On the downside, XRP price is protected by a key support level at $0.22. A close below this handle could result in the cryptocurrency dropping to the $0.20 mark. With the price above $0.23, the digital currency is currently trading in an uptrend.

XRP Fundamentals

Unlike other digital currencies that have been trading on speculation, Ripple XRP price remains well supported by solid fundamentals. Government’s regulators and central banks are currently using Ripple’s underlying technology and currency.

XRP has grown in popularity in part because it remains one of the fastest, efficient and most scalable digital asset in the world. Each transaction on Ripple system is normally processed in under 4 seconds in comparison to two minutes for Ethereum and over an hour for Bitcoin.

Institutions are increasingly using the digital currency for cross-border payments given that the blockchain can be scaled to handle up to 1500 transactions a second.

We will be updating our subscribers as soon as we know more. For the latest updates on XRP, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of ak Yip via Flickr

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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