The XRP price was on the investors’ radar today, amid a massive whale transfer of the coin. Meanwhile, Ripple has locked 800 million XRP to escrow today, amid a series of other hefty transfers, which have sparked speculations over the potential move of Ripple behind the transfers. Notably, this move comes after the firm unlocked 500 million XRP from Escrow recently.
Ripple Locks 800 million XRP Amid Massive Whale Transfer
XRP, the native crypto of Ripple, has gained traction in the market today, as evidenced by the surge in its price. Meanwhile, Ripple has locked 800 million in three transactions to Escrow, sparking speculations in the broader crypto market.
This action follows Ripple’s routine strategy of unlocking 1 billion XRP from Escrow each month. While such releases are customary, they play a crucial role in Ripple’s operational dynamics.
Previously, XRP lawyer Bill Morgan said that a portion of the released XRP is utilized to enhance the circulating supply, while the majority is returned to Escrow. Meanwhile, Ripple’s Escrow Strategy aims to ensure liquidity in the market and facilitate seamless cross-border transactions.
Despite potential short-term fluctuations in XRP’s price due to increased supply, this approach aligns with Ripple’s long-term vision for sustainability in the cryptocurrency ecosystem. In addition, the locking of XRP underscores Ripple’s commitment to managing its token supply judiciously.
Meanwhile, this strategic move not only supports Ripple’s operational objectives but also contributes to the broader stability of the cryptocurrency market. As Ripple continues to navigate the complexities of the crypto landscape, its Escrow Strategy remains instrumental in shaping its trajectory and ensuring sustained growth and innovation.
Also Read: Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
Price & Performance Amid Massive Transfer
The recent locking of XRP by Ripple has further stirred speculations amid massive transactions noted recently. According to Whale Alert, Ripple has moved 60 million XRP to two unknown wallets in two transactions, each consisting of 30 million coins.
However, before shifting the 800 million XRP to Escrow, Ripple received 1 billion XRP from three addresses, sparking speculations in the crypto market. Notably, the transfer has been further watched closely by the investors, as the Ripple Vs. SEC lawsuit intensified this, with the SEC filing its reply. Now, the market is eagerly anticipating Ripple’s next move for further legal clarity on the matter.
Meanwhile, despite a dip in major cryptos like Bitcoin, Ethereum, and others, the XRP price was up 2.10% to $0.5091. Notably, its volume over the last 24 hours rose 29.39% to $1.77 billion, with its current market cap standing at $28.18 billion. The XRP crypto has touched a high of $0.5202 and a low of $0.4802 in the last 24 hours.
Also Read: Bitcoin (BTC) Price Slump Hints Major Trouble Ahead for Global Markets
The post XRP Price: Ripple Locks 800M Coins Amid Massive XRP Movements, What’s Next? appeared first on CoinGape.
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