XRP Market Stagnant as Buyers Refuse to Take On Available Tokens

Ripple's recent move to release one billion XRP from escrow has been met with a surprising outcome. The company released the tokens, but instead of selling them or depositing them into exchanges, most have simply returned to new time locks. This leaves only 300 million XRP on the market, worth approximately $422 million.

The market's response has been tepid, with buy orders adding up to a mere $108.2 million. This means that the available tokens are worth almost four times what buyers are willing to absorb at current prices.

The lack of interest in XRP is not limited to short-term traders. Long-term holders have also shown reluctance to sell, with XRP's 1-2 year holding band rising from 17.3% of the supply in late August to about 18.2% now.