Cardano Advocate Claims XRP Lacks Profitable Returns Amid Escrow Release

Ripple

Amidst Ripple’s unlocking of 1 billion XRP from escrow, vocal Cardano supporter Chris O asserts that XRP fails to deliver a satisfactory return on investment (ROI).

Reacting to reports of Ripple releasing 1 billion XRP from escrow, Chris O argues that this move imposes substantial selling pressure on the fifth-largest cryptocurrency.

Chris O predicts disappointment among XRP investors as the crypto asset falls short of their expectations.

Related article: XRP Introduces Single-Sided XRP Staking on The Root Network

Ripple Releases 1 Billion XRP from Escrow

It’s noteworthy that Ripple initiated the release of 1 billion XRP coins from its escrow account yesterday. Following the transaction, Ripple promptly re-locked 800 million units out of the 1 billion coins released, retaining 200 million XRP for potential market sale.

Despite this, Ripple’s recent XRP unlock did not adversely affect the cryptocurrency’s price, witnessing a 1.5% spike post the release of 1 billion coins.

Ripple remains cautious in its XRP sales, as revealed in the Q4 2022 report, selling XRP exclusively to On-Demand Liquidity (ODL) clients.

For clarification, ODL now rebranded as Ripple Payments, facilitates cross-border settlements using XRP as a bridge between two fiat currencies for instant and cost-effective transactions.

XRP Demonstrates Price Surge in Q3 Despite Ripple’s Substantial Sales

Contrary to expectations, Ripple sold a substantial 892 million XRP, valued at approximately $544.12 million, in Q3 2023. Despite this massive sell-off, the cryptocurrency’s price experienced significant growth, concluding Q3 at $0.52, marking a 9.8% increase from the previous quarter.

Additionally, XRP’s market cap witnessed remarkable expansion in Q3, soaring from $24.8 billion in Q2 2023 to $27.8 billion. Presently, XRP’s market cap stands at $33.14 billion, securing its position as the fifth-largest cryptocurrency by market cap.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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