On January 1, 2025, Ripple released 500 million XRP tokens from its escrow account which caused an uproar within the XRP community. This strategic move is a part of Ripple’s monthly schedule to manage XRP’s supply. This move caused the price of the token to surge and has also flipped Tether in market capitalization, making XRP third largest cryptocurrency by market cap.
Currently the market cap of XRP token is at approximately $137.736 billion whereas that of Tether is at $137.235 billion as per CoinGecko. The difference between the two market caps is somewhere around $500 million but the achievement indicates growing investor confidence within the token.
Ripple’s XRP Price Surges
After the transfer of 500 million XRP token, Ripple’s native cryptocurrency has seen a surge of 13.7% in the last 24 hours and at press time, the price of the XRP token stands at $2.39. The move of transferring the XRP tokens from the escrow account is just another strategy by Ripple to manage XRP’s supply, maintain the liquidity and support for the ecosystem.
Interesting Note in the Transaction Details
Interestingly, the memo note of the transaction detail states ” January 20th is around the corner. Donald Trump will be in WH, and we are going to make crypto great again.” This statement has sparked a ray of hope for the crypto community and implies that great things are on the way under Trump administration.
With January 20, 2025, approaching the crypto community is looking forward to what all changes the Trump administration will come forward with, and with Paul Atkins taking the position of Gary Gensler, as the Chair of the US Securities and Exchange Commission, crypto-friendly regulations, policies and clarity is being anticipated within the sector.
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