XRP Price Stagnates Near $1.40 Amid Low Trading Activity
Ripple released a total of one billion XRP from escrow at the start of September, but quickly relocked 700 million through new time-locks, leaving only 300 million in circulation outside these locks. Despite this movement within Ripple's own wallets, there has been minimal market absorption due to low buyer interest—only $108.2 million worth of buy orders are available for the released XRP, which is valued at around $422 million. The price remains near $1.40 as neither buyers nor sellers appear willing to act. XRP's 1-2 year holding band has increased slightly from 17.3% in late August to 18.2%, indicating that older coins are not being sold, even after a recent market pullback. Daily trading volume has been declining since mid-August and is now at about 27.6 million XRP per day. The price chart shows signs of forming a golden cross but with low volume, which historically can lead to failed crossovers. XRP outperformed Bitcoin and Ethereum in the first half of September but has underperformed over the last two weeks. Futures data also reveals mixed sentiment: while more large traders are bullish by count (2.86 longs per short), their positions carry less weight than those betting against XRP.
Tickers: $XRP
Topics: buying depth escrow releases Ripple trading volume XRP