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Coinbase Set to Face What Ripple Suffered for Over 3 Years

Lele Jima
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Coinbase Set to Face What Ripple Suffered for Over 3 Years

U.S. District Judge Katherine Polk Failla denies the motion from Coinbase to dismiss the SEC lawsuit, with the exchange now set to endure a multi-year legal battle like Ripple. 

U.S. District Judge Katherine Polk Failla has denied Coinbase’s motion to dismiss the charges filed by the SEC last year. 

Court Denies Most of Coinbase Motion 

In the landmark ruling issued yesterday, the judge denied most of Coinbase’s motion to dismiss the charges brought by the SEC last year. The court found that the securities agency had a plausible argument against the San Francisco-based agency.

According to Judge Failla, the SEC sufficiently pleaded that Coinbase operated as an unregistered broker, exchange, and clearinghouse under the U.S. federal securities law.

The judge also held that Coinbase facilitated the trading of unregistered securities through its staking program. However, Coinbase secured a partial victory against the SEC, as the court dismissed the regulatory agency’s allegation against Coinbase Wallet.

Coinbase to Face a Lengthy Legal Tussle Like Ripple

Following the recent ruling, the SEC lawsuit against Coinbase will be heading to discovery, with prominent crypto lawyers suggesting that the exchange could also suffer the same fate as Ripple.

In particular, crypto lawyers, including Bill Morgan, said the exchange could go through what Ripple has faced against the SEC for three and a half years.

Recall that in December 2020, the SEC charged Ripple with violating federal securities laws through the sales of XRP, a crypto asset it labeled as a security.

Like Coinbase, Judge Analisa Torres also denied Ripple’s motion to dismiss the SEC’s charges at its early stage, as the lawsuit continues to linger to date. Although Ripple’s early motion to dismiss the SEC’s charges was denied, the crypto payments company scored a major victory against the regulatory agency in the summary judgment.

After a series of arguments that lasted multiple years, the court found that Ripple did not violate the law by selling XRP on digital exchanges. It also sided with Ripple on the issue of other distributions, finding that the transactions do not constitute investment contracts.

However, Judge Torres ruled in favor of the SEC regarding Ripple’s past XRP sales to Institutions.

So far, the Ripple lawsuit has passed through the discovery and summary judgment phases and has lingered for over three years.

The case is now in the remedies phase, and the SEC has filed an opening brief for the proceedings. Notably, Ripple will submit its opposition to the brief by April 22, and the SEC will get a chance to file its reply by May 6. 

Crypto Enthusiasts Expected Coinbase Lawsuit to Proceed to Discovery

Meanwhile, top crypto enthusiasts are not surprised that the SEC’s case against Coinbase is heading to the discovery phase. Pro-crypto journalist Eleanor Terrett is among those who share this sentiment.

The journalist suggested that the SEC did not need a solid argument to convince the judge to deny Coinbase’s motion to dismiss.

“Would have been very surprising if Failla hadn’t found at least one plausible argument in the handful they are alleging against Coinbase,” Terrett remarked.

However, she asserts that Coinbase would now get a chance to prove its case in court as Ripple did.

Shiba Inu Lead To Vitalik Buterin: ‘That’s How We do it. It’s Just The Start’

Lele Jima
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0
Shiba Inu Lead To Vitalik Buterin: ‘That’s How We do it. It’s Just The Start’

Shytoshi Kusama suggests that Shiba Inu is just getting started after Vitalik Buterin confessed that SHIB outperformed his expectations.

Shiba Inu lead developer Shytoshi Kusama has taken to the X platform to react to recent remarks made by Ethereum co-founder Vitalik Buterin regarding SHIB.

Buterin Admits Shiba Inu Outperformed His Expectations

Earlier today, Buterin admitted that Shiba Inu exceeded his expectations even though he expected the token to crash by 100x.

He made this known while reacting to an X post from famous web designer Nathan Young, who highlighted the crypto assets held by the non-profit organization Future of Life Institute (FLI).

For context, FLI was among the beneficiaries of Buterin’s massive SHIB donations in 2021. The donation was part of the 500 trillion SHIB Buterin received from Shiba Inu’s pseudonymous founder, Ryoshi.

While the Ethereum founder sent 410 trillion SHIB to a dead wallet, he donated the rest to non-profit organizations, including FLI.

Explaining the rationale behind the donation, Buterin revealed that he expected SHIB to crash over 100x after he received the 500 trillion tokens.

Consequently, he hurriedly donated the tokens to the organizations, with the hope that they would cash out between $10 and $25 million.

However, Buterin’s expectations did not come true, as Shiba Inu showed resilience and has continued to rank among the leading crypto assets globally.

Shiba Inu Lead Reacts

Buterin’s remarks stirred a series of reactions from Shiba Inu enthusiasts, with Kusama joining community members to comment on the matter.

Reacting, Kusama issued a bullish comment stating, “#SHIBSTRONG.” He also attached a GIF to the tweet, with the caption: “That’s how we do it. It’s just the start.”

Kusama’s response suggests that the Shiba Inu project is in its early stages and has much potential for significant growth.

A Transition From a Meme Coin to a Utility Project

Shiba Inu, which launched as a meme coin in August 2020, has been rolling out jaw-dropping initiatives tilting it toward utility. Since its launch, Shiba Inu has gained widespread adoption as a payment method, with top crypto payment providers rolling out support for the token.

The Shiba Inu ecosystem now has its non-fungible token project, metaverse, play-to-earn game, and an L2-blockchain solution.

With Shiba Inu gradually shredding its meme coin title and embracing utility, SHIB has now been ranked among the crypto assets to invest in during this bull run.

As reported earlier, prominent billionaire magazine Forbes listed Shiba Inu among the top 10 crypto assets suitable for investment this month.

XRP ETF Premium Projected to Surge 100x to $500: Details

Abdulkarim Abdulwahab
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XRP ETF Premium Projected to Surge 100x to $500: Details

Chad Steingraber, a prominent figure within the XRP community and a seasoned game designer, recently argued the potential for a 100x premium on an XRP ETF.

In a recent post on X, Steingraber shared insights on the potential trajectory of an XRP exchange-traded fund (ETF) in light of institutional demand. 

Notably, the XRP community has called for efforts from asset managers, especially BlackRock, in launching an XRP ETF. They anticipate positive impacts on the asset’s market value following the launch of such investment product.

Amid this optimism, Steingraber speculated on the outlook for the price at which the XRP ETF shares could sell. He speculated from the angle of XRP reaching an unprecedented price of $5.

XRP ETF Premium Could 100X

In particular, Steingraber theorized that if XRP broke a $5 price point, the corresponding ETF fund could similarly soar to unprecedented heights, potentially trading at a staggering 100x premium. Essentially, this outlook puts the ETF shares at $500.

The XRP community figure emphasized that such an expensive premium for an XRP ETF would be particularly feasible if more institutions become interested in the XRP investment product.

Meanwhile, Steingraber stressed that XRP’s market price itself may not necessarily need to skyrocket for the fund to experience exponential growth. He drew parallels with Grayscale’s investment product linked to Litcoin (LTC).

Steingraber pointed out that the Grayscale Litecoin Fund currently commands a significant premium over its net asset value (NAV).

Specifically, he noted that despite Litecoin’s market price of $95.82, institutions are paying a premium of $253.98 per Litecoin equivalent within the fund.

Essentially, the XRP community figure foresees an XRP ETF witnessing a similar high premium with surging institution interest.

Arbitrage Opportunity

In response to this viewpoint, X user Zack asked whether the projected expensive XRP ETF premium could be exploited through arbitrage by individuals holding the physical asset.

Chad Steingraber responded that if issuers permit In-Kind deposits, individuals can deposit the asset in exchange for the corresponding share value for arbitrage. 

However, he noted that In-Kind deposits remain a big deal in the ETF market scene. Yet, Steingraber expressed optimism about the industry’s trajectory, hoping that such practices would become widespread sooner rather than later.

Overall, this outlook remains speculative as no asset manager has moved to apply for an XRP ETF despite constant calls for the investment product.

Ripple CTO Says It’s Near Impossible to Avoid Selling XRP: Here’s Why

Sam Wisdom Raphael
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Ripple CTO Says It’s Near Impossible to Avoid Selling XRP: Here’s Why

The Ripple CTO David Schwartz has revealed that it is near impossible to avoid selling XRP amid increased scrutiny of Ripple’s XRP sales and the departure of an XRPL infrastructure provider.

Ripple has taken the spotlight for its XRP sales amid the latest development in the SEC vs. Ripple lawsuit. For context, the SEC’s opening remedies brief, filed this week, shows that the agency demands $2 billion in penalties against Ripple, noting the firm continued to sell XRP after Judge Torres’ ruling last July.

XRPL Loses Another Infrastructure Provider

While the broader XRP community has always known that Ripple continues to sell XRP, the SEC’s brief has increased attention on these sales, bolstering criticisms and commentaries. Amid the reception, Dev Null Productions, a software production agency, has decided to leave the XRPL ecosystem.

The team behind the agency released a statement on March 26, disclosing that their decision to leave the XRPL ecosystem is due to XRP sales from Ripple, which they believe are “at the expense of retail.” They also claimed the XRPL Foundation prioritized their personal objectives over the objective of the community.

Dev Null Productions is the second infrastructure provider to pivot from the XRPL within the past week, as XPUNKs, the XRPL’s pioneer NFT project, announced a move to Solana on March 20. 

Ripple CTO Speaks for Ripple on XRP Sales

Responding to the Dev Null Productions’ disclosure, David Schwartz emphasized that it is almost impossible for Ripple to avoid selling their XRP. He cited an earlier remark from him in March 2021, in which he noted that, if Ripple gave him a bonus of 1 million XRP, he would need to quickly sell half of the bonus.

According to his earlier disclosure, this is due to his tax obligations for capital gains in the federal and state (California) setups, which amounts to 50% of income he earns. Citing this scenario, Schwartz stressed that distribution is difficult.

In his latest remarks, the Ripple CTO added that Ripple does not have another choice when it comes to their XRP holdings. Schwartz rightly stressed that the community persistently complains about the company’s extensive XRP holdings. 

However, there are also complaints when the firm looks to reduce their holdings by selling the XRP tokens off. According to him, Ripple doesn’t have a lot of options. Schwartz has repeatedly emphasized that Ripple is always seeking ways to drastically reduce its XRP holdings, with sales being the primary way of doing this.

When a community member suggested that the company put the XRP tokens in an XRPL AMM to bolster liquidity, Schwartz noted that such a move would result in single-sided deposits, as pumping more XRP tokens to the AMM without equal deposits of the other asset in the pool could lead to price impact.

Panos Mekras, co-founder of Anodos Finance, argued that Ripple should have enough funds to handle deposits of other assets as well as XRP in the AMM pools. He noted that if the company helped out in this way, they would assist with liquidity provision, bolstering participation.

Here is the Most Significant Barrier for Bitcoin Before $80K Target

Abdulkarim Abdulwahab
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0
Here is the Most Significant Barrier for Bitcoin Before $80K Target

Renowned market analysts have commented on the current Bitcoin market trend, projecting new highs at $80K soon after surmounting a significant hurdle.

In the last 24 hours, Bitcoin has re-entered the $70K range, but the asset has been unable to sustain the momentum that got it to this point. In particular, it has ranged between $69,300 and $71,700.

Prominent market watcher Ali Martinez recently explained why Bitcoin has been consolidating around the $70K range. In a recent post on X, Martinez disclosed that Bitcoin struggles to surmount a crucial resistance barrier within the range.

Most Significant Barrier for Bitcoin

Specifically, the analyst highlighted that Bitcoin’s most significant resistance barrier lies between $70,180 and $70,600. According to the analyst, the resistance wall is strengthened by 292,000 wallets holding 397,000 Bitcoin at that point.

For context, resistance levels represent price points wherein selling pressure is strong enough to prevent the price from rising further. These levels typically reflect areas where traders believe BTC is overvalued and are thus willing to sell, creating a supply pressure that prevents the price from moving higher.

In this case, the 292K addresses expended approximately $28 billion to enter the BTC market at around the $70K range, per data from market intelligence platform IntoTheBlock. The data indicates that these investors represent the largest pool of BTC investors holding the asset at a loss.

$80K Target After Breakout

Meanwhile, Martinez pointed out that if Bitcoin successfully overcomes this significant barrier, it sets the stage for higher highs, as other resistant points are less formidable.

While Martinez refrained from suggesting how high BTC could go, analyst Michaël van de Poppe has suggested $80K. Michaël issued the $80K target while also examining Bitcoin’s current consolidation.

The analyst underscored that BTC’s pre-halving bull run may be nearing its peak. Yet, he suggested the likelihood of the asset entering the $75,000 to $80,000 threshold within the next three weeks before Bitcoin halves.

Furthermore, Michaël noted that after this pre-halving bull run, the market can expect another severe price correction. Meanwhile, the analyst asserted that the altcoin market could take over during BTC’s correction and consolidation phase.

At press time, Bitcoin trades at $70,180, with a 9% gain over the past week.

Market Veteran: Bitcoin Surge to $100,000 Just a Matter of Time

Sam Wisdom Raphael
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Market Veteran: Bitcoin Surge to $100,000 Just a Matter of Time

Market analyst Jelle recently asserted that a Bitcoin (BTC) surge to the coveted $100,000 price is only a matter of time, noting that the next leg up has already begun.

Jelle made this bold assertion while speaking on the current condition in the Bitcoin market amid the latest push toward recovery. His latest post builds on a previous analysis he made regarding the premier crypto’s next possible direction in the coming weeks.

Notably, in his first disclosure on March 20, Jelle stressed that Bitcoin is on the verge of printing a new higher low on the 2-day chart amid the ongoing consolidation at the time. He pointed out the asset’s explosive and uninterrupted run from $38,000 to $72,000, noting that the correction was expected.

However, his confidence in the crypto token’s potential to resume the uptrend remained firm, as he described the retracement as a period to “have fun.” His subsequent analysis on March 21 stressed that the potential higher low could mark a healthy retest for Bitcoin.

Surge to $100,000 is a “Matter of Time”

Five days later, Jelle has now confirmed that the asset has printed the projected higher low at $60,805, confirming the start of another bullish run. According to the analyst, Bitcoin has now begun the next push toward more substantial price targets.

While some industry leaders such as Binance CEO Richard Teng have predicted a target of $80,000, Jelle sees Bitcoin reaching higher grounds, with the $100,000 goal in view. The analyst asserted that it is only a matter of time before Bitcoin clinches the $100,000 price.

However, the $100,000 level is not the most ambitious target set for Bitcoin. Leading asset manager Bernstein, global banking giant Standard Chartered, and Fundstrat’s Tom Lee all believe BTC could hit $150,000. 

Bitcoin Shows Room for Growth

Interestingly, market data indicates that Bitcoin does have room for more price growth. Bitcoin’s daily relative strength index (RSI) currently sits at 58.32 despite the crypto asset changing hands at a $69,631 high. The current RSI indicates that BTC is far from overbought, and still has more room to expand.

Bitcoin Daily RSI
Bitcoin Daily RSI

In addition, bullish sentiments have re-entered the market amid the recovery from the $60,805 low. Bitcoin has increased by 14% from this low over the past week. As the recovery heats up, the spot Bitcoin ETF market is now seeing positive flows, recording $418 million in inflows yesterday. 

Bitcoin recently recovered $70,000 for a brief moment before hitting a roadblock. The asset now trades for $69,631, looking for another opportunity to push toward the $70,000 region. The asset is up by a mere 0.41% over the past 24 hours.

Shiba Inu Replicates 2021 Performance With New All-time High in Sight

Lele Jima
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0
Shiba Inu Replicates 2021 Performance With New All-time High in Sight

According to a recent analysis by pseudonymous market watcher “Rekt Capital,” Shiba Inu (SHIB) could be preparing for an upsurge that could take the crypto market by storm.

The analyst noted the striking resemblance between Shiba Inu’s current market trends and its 2021 performance.

Shiba Inu Repeating History

For context, 2021 was a remarkable year for Shiba Inu, as the asset surged by astronomical margins to hit an all-time high of $0.00008845.

In a series of posts, Rekt Capital noted that Shiba Inu is repeating history as its current performance mirrors the patterns observed in 2021.

The analyst revealed that Shiba Inu successfully retested the $0.000026 level, aligning with an orange horizontal line. Consequently, Rekt Capital believes the move confirms that the canine-themed token is gradually “repeating itself.”

Similarities Between Shiba Inu’s Current Trend and Its 2021 Performance

Over the weekend, the analyst stated that Shiba Inu failed to breach a significant resistance at a price point labeled “blue resistance.” Interestingly, Rekt Capital said Shiba Inu faced a similar challenge in late 2021 and could not break the resistance in its first attempt.

The analyst noted that this forced Shiba Inu to retest a crucial price point, labeled the “orange level,” in 2021 before the asset confirmed its upward surge.

In the recent analysis, Rekt Capital highlighted that Shiba Inu has retested the “orange level,” a development that closely echoes the token’s performance in 2021.

If Shiba Inu continues to replicate its 2021 performance, it could witness a major price surge that would take it to a new all-time high (ATH).

Although Rekt Capital’s analysis looks promising, it is imperative to exercise caution when investing in crypto assets, including Shiba Inu. The broader crypto market is unpredictable and volatile.

Earlier this month, Shiba Inu’s price rallied more than 300% in eight days. At the time, SHIB surged to $0.000045, placing the token in the list of top 10 crypto assets by market cap.

With a market capitalization of $17.57 billion, Shiba Inu is now the 11th biggest crypto. At press time, SHIB traded for $0.00002979, representing a weekly uptick of 18.83%.

Pundit Says Disregard Advice to Sell XRP Prematurely

Abdulkarim Abdulwahab
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0
Pundit Says Disregard Advice to Sell XRP Prematurely

Vandell Aljarrah, co-founder of Black Swan Capitalist, has urged XRP holders to disregard voices encouraging them to sell their holdings amid XRP’s underperformance.

Vandell expressed this sentiment in a recent post on X to counter the view of Joshua Jake, the host of the Discover Crypto channel, who urged XRP holders to sell their tokens.

Calls to Dump XRP

Jake made the bold call recently, urging XRP holders to consider other performing altcoins or risk missing out on this cycle’s bull run. He reached this conclusion after weighing XRP’s 90-day trajectory alongside Bitcoin and other crypto assets.

Citing data from CoinMarketCap, Jake pointed out that Bitcoin and Ethereum have increased by over 63% in the last three months. Similarly, BNB and Solana have grown by 99.75% and 78.92%, respectively, during the same period. 

In contrast, XRP has only appreciated by a paltry 5.29% over the last 90 days when its closest rivals have witnessed near double-digit gains.

Amid this disparity, Jake charged investors to sell their XRP though emphasizing that his view should not be construed as financial advice.

The commentator explained that it is pointless to hold XRP when its performance has become reflective of a stablecoin in a bull market. Moreover, Jake stressed that the widespread claims of XRP going to $10,000 are far-fetched aspirations with no reality attached.

Furthermore, he argued that the outlook of XRP replacing the global financial system will remain unrealized, stressing that “XRP is not the new gold.”

Additionally, Jake claimed XRP holders will be lucky to witness a $2 per XRP this bull season. Accordingly, he urged them to part ways with XRP and bag emerging digital assets commanding considerable demand.

Experts Disagree

Meanwhile, Vandell, one of the founders of Black Swan Capitalist, disagreed with Jake’s view. He urged XRP enthusiasts to disregard the message and avoid offloading their holdings prematurely. 

Vandell emphasized that the crypto space is still in the early phase of this cycle’s bull market. He stressed that the altcoin season has yet to kick in and that the Bitcoin halving is still a few weeks away. 

“Understanding market cycles is essential for prudent investment decisions. We haven’t even started. The peak will be from 2024 to 2025,” Vandell remarked.

Similarly, Edward Farina, Head of Social Adoption at XRP Healthcare, remarked that Jake’s negative call about XRP indicates insufficient knowledge about XRP and its potential.

Despite the growing apprehensions towards XRP, The Crypto Basic recently uncovered that XRP’s seven-year performance is consistent with those of Bitcoin and Ethereum, which have all witnessed growth exceeding 6,800% since 2017.

Legal Expert Claims SEC Wants Ripple to Dump $2B in XRP and Further Suppress XRP Price 

Lele Jima
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0
Legal Expert Claims SEC Wants Ripple to Dump $2B in XRP and Further Suppress XRP Price 

With the SEC seeking a $2 billion penalty against Ripple, Attorney Jeremy Hogan says the demand would require Ripple to sell lots of XRP and further suppress the coin’s price.  

Several legal experts have commented on the SEC’s recently filed opening remedies brief in the ongoing Ripple lawsuit. Attorney Jeremy Hogan is the latest to comment on the development, ushering in a new twist.

Hogan Faults SEC’s $2B Demand 

Hogan’s emphasis was on the SEC’s plea for final judgment, in which the regulatory agency asked the court to impose a $2 billion fine against Ripple for violating federal securities law through its institutional sales. 

Reacting to the outrageous demand, Attorney Hogan criticized the SEC’s ineffective legal strategy against Ripple and highlighted concerns about its implications for XRP holders. 

Hogan explained how the SEC’s demand of $2 billion would hurt the same retail investors the commission claims to protect. According to Hogan, should the court grant the SEC’s pleading for summary judgment, Ripple will be required to sell lots of XRP from its holdings. 

Hogan noted that the action would cause the price of XRP to plunge heavily, thereby hurting retail investors. 

Investors Blame Ripple for XRP Price Suppression 

It bears mentioning that XRP has underperformed recently compared to most of its peers. Despite having legal clarity, XRP only surged to around $0.74 earlier this month from the $0.6 level it has traded for several months.

In contrast, Bitcoin’s price skyrocketed from around $50K to a new all-time high of $73,737 in one month. 

XRP investors have continued to express concerns about the coin’s slow growth compared to the broader market. They attribute XRP’s underperformance to price suppression caused by Ripple’s monthly sales. 

For the uninitiated, Ripple sells large volumes of XRP monthly. Specifically, the company releases 1 billion XRP from its escrow accounts monthly. While it re-locks 800M XRP in escrow, it retains the remaining 200M XRP and sells them to ODL (on-demand liquidity) customers.

The funds generated from these sales cater to Ripple’s expenses, including defending the company against the SEC. However, despite the mounting allegations of price suppression, there is no concrete evidence that these sales are responsible for XRP’s underperformance.

Number of XRP Ripple Could Sell to Raise $2B 

If the court sides with the SEC and imposes a $2 billion fine against Ripple, the company would be forced to sell more XRP to meet this obligation. 

According to the SEC, Ripple held 45.77 billion XRP in escrow as of December 31, 2023. With XRP changing hands at $0.62, Ripple would need to sell 3,225,806,451 (3.22 billion) coins to raise $2 billion. 

However, Ripple could likely pay this fine using some of its cash reserves. In January, Ripple CEO Brad Garlinghouse disclosed that the company holds $1 billion in cash reserves and $25 billion in crypto, including XRP.  

Growing Demand for XRP as Ripple Enters Into 80 Institutional Sales Contracts Since SEC Lawsuit

Lele Jima
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0
Growing Demand for XRP as Ripple Enters Into 80 Institutional Sales Contracts Since SEC Lawsuit

Despite the legal tussle between the SEC and Ripple, XRP has continued to attract the interest of institutional clients leveraging the coin for cross-border settlements.  

Prominent crypto expert Zach Rector has provided new evidence showing significant demand for XRP despite the coin being at the center of a multi-year legal tussle between the U.S. SEC and Ripple. 

In a post yesterday, Rector shared an excerpt from the SEC’s opening remedies brief, suggesting that Ripple has entered into 80 institutional sales contracts since the lawsuit was filed in December 2020. 

The SEC’s claim underscores the growing interest in XRP among institutional investors, who are poised to engage with Ripple to utilize XRP for cross-border settlements. 

Ripple’s Post-Complaint Revenue Spikes 

Furthermore, the SEC also noted that Ripple’s XRP sales revenue skyrocketed tremendously from 2021 to 2023, surpassing its total revenue from 2014 to 2020. 

However, the exact revenue Ripple generated after the complaint was filed was redacted in accordance with the parties’ sealing request. 

Furthermore, the SEC pointed out that Ripple remains the largest XRP holder, with a holding of 45.77 billion units of XRP as of December 31, 2023. The commission argued that Ripple sold massive amounts of XRP in direct On-Demand Liquidity (ODL) transactions between 2021 and 2023. 

SEC Seeks $2B Fine From Ripple 

The SEC based its argument on the document it compelled Ripple to submit last month. As reported earlier, Ripple was forced to produce its audited financial statement between 2022 and 2023, as well as post-complaint contracts governing institutional sales. 

Based on the huge revenue Ripple generated in XRP sales since December 2021, the SEC asked the court to levy a fine of $2 billion against the company. 

It also requested that the court impose an injunction permanently prohibiting Ripple from violating federal securities laws through its institutional sales. 

How Ripple Addresses Growing Demand for XRP 

Meanwhile, there has been a growing demand for XRP among institutional clients. Most institutional clients have utilized the token as a bridge currency between two fiats for instant and cost-effective cross-border settlements. 

To meet this growing demand for XRP, Ripple sells a portion of the 1B XRP that is released from escrow monthly. Specifically, the crypto payments company releases 1B XRP coins monthly as a routine procedure. 

While 800M XRP are put back in escrow, Ripple retains the remaining 200M coins to meet the growing demand of ODL customers. 

Despite selling some of the unlocked XRP to ODL customers, Ripple also buys XRP in the open market. For instance, its Q1 2023 report showed that the company sold 2.93 billion XRP to ODL clients and purchased 2.56 billion XRP in the same quarter. 

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