There are only 8.3 billion XRP tokens remaining on the open market and available for purchase.
For some years now, people have been complaining about the price of XRP. Many who bought the cryptocurrency after the 2017 high expect a price hike to make steady profits.
However, this is not the case, as XRP has struggled to maintain its price over the past 3 years. Now, something seems to be happening and could affect the price – at least according to Kevin Cage.
According to Kevin, there are only 8.3 billion XRP tokens remaining on the open market and available for purchase.
The main accounts are still accumulating
Sharing the Kevin’s Twitter post, another user who agreed with him said that the market is finally without enough XRP for sale. The user added that in this case, large buyers will eventually be forced to buy from people, rather than buying directly from Ripple at low prices. If that happens, demand will increase and the price will increase.
On the one hand, we should note that most of the major accounts that already have vast XRP caches are still accumulating more, and the reduction in XRP available for purchase means that they will turn to the real crypto market to look for sellers. As noted above, this is a market dynamic that will have the effect of raising the price and possibly taking XRP out of the three-year price stagnation.
Will the recovery be significant?
The 2017 cryptocurrency bullish cycle was an important turning point for the crypto market, but the next one may be even more significant in terms of price difference.
According to The Bearable Bull, the price of XRP will start to rise sharply when big buyers start scoring on exchanges. In this sense, the price can skyrocket in great magnitude, depending on the immediate demand. Granted, demand will be very high, making it fair to expect the price to follow suit.