October is starting on a stellar note for XRP as American blockchain payments company Ripple Labs Inc. has just released more than 1 billion tokens from escrow.
The XRP Release in Tranches
According to data shared by the crypto analytics platform, Whale Alert, the released XRP is being made in succession including four different tranches. While the biggest release in the past 24 hours featured 500,000,000 XRP tokens, the market has also welcomed the unlocking of 400,000,000, 100,000,000, and 70,000,000 XRP coins respectively.
The XRP release has somewhat spelled a good omen for the digital currency which appears to be gaining a major facelift today with its price up by 1.55% at the time of writing to $0.5214. Starting October on a stellar note is a positive trend for XRP as the market overall has been relatively unfair to the digital currency.
With many underlying factors and strains ahead for the coin to navigate in the short term including the trends in the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), a positive start to October might form a bullish pathway to trail overall.
With the short-term price level showing optimism, the mid-term price trend is notably showing some forms of optimism as well. Per on-chain data, the long-term price of XRP is now up by 2.2%, paring off its losses as it ended the previous month on a bullish note.
Banking on Fundamentals for Growth
At the moment, XRP is a token with many underlying protocols of interest associated with it. While it remains the payment token of interest in the On-Demand Liquidity (ODL) program that is being administered by Ripple Labs, its role in the XRP Ledger (XRPL) is also one that has placed it in the limelight across the board.
With more tokens set to be released from escrow according to the coin’s historic trends with Ripple Labs, we can expect there to be enough circulating liquidity to fulfill all of its obligations in the market today.
Read More: Over 1 Billion XRP Released from Escrow as Price Gains Facelift