A lot of people are keeping a close eye on what will happen to XRP over the coming weeks. The currency set a new all-time high yesterday, but was dumped hard ever since Poloniex started having “issues” again. This is the third time the exchange suddenly goes blank when XRP is gaining in value. However, it looks like there may be some good news for XRP moving forward, as it is possible the team will announce a coin lock-up soon.
Ripple May Be Moving Toward A Coin Lock-up
Although the following information has not been officially confirmed right now, it poses some interesting trains of thought. To be more precise, there is a rumor Ripple is planning to announce a big move in June of 2017 that could send major shockwaves through the community. It is believed the team will announce an extensive coin lock-up agreement.
In doing so, the Ripple team aims to address any lingering concerns people may have regarding the available XRP supply. Right now, that supply is quite large, although it will not continue to increase any further. In fact, the XRP will gradually decrease, as Ripple transactions using the XRP tokens will result in small amounts of tokens getting destroyed. This effectively reduces the available coin supply over time, albeit it will not see any major drops overnight.
The goal is to make the individual value of each XRP higher more precious over time. Right now, XRP is seeing a significant boost in market share and individual token value. Even though a lot of the positive momentum was undone during yesterday’s Poloniex issues, the market remains very bullish right now. This is quite intriguing, considering XRP has seen a lot of trading these past few days.
The official news regarding the future of XRP – assuming an announcement like this will take place to begin with – is expected to made at the upcoming Consensus 20107 conference. Ripple CTO Stefan Thomas will talk about different consensus mechanisms during the event. If the team successfully manages to address the doubts and uncertainties regarding the XRP supply, things can get very interesting from here on out. It is unclear if XRP can continue its bullrun, though, but for now, there is no reason to despair just yet.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.