XRP Stuck at $1.40 as Market Holds Steady Amid Ripple's Escrow Release
Ripple's release of 1 billion XRP from escrow at the start of September sparked an interesting phenomenon in the market. By the end of the day, only 300 million of these tokens remained outside new time locks, worth about $422 million.
This amount is significant, but what's striking is that there are buy orders sitting close to the current price, totaling $108.2 million. This means that those 300 million coins are worth almost four times what buyers are ready to absorb.
The market has been holding steady at around $1.40, with no clear trend of buying or selling. The oldest supply, which is refusing to move, makes up about 18.2% of the total XRP supply, a rise from 17.3% in late August.
Despite this, daily volume has fallen every session since the August 22 burst, down to around 27.6 million XRP. The chart is close to a golden cross, where the 20-day exponential moving average climbs above the slower 200-day line, but fading volume shows up as lost leadership.