As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find these recent developments involving Ripple and XRP intriguing. The massive transfers of nearly a billion XRP coins by Ripple, as reported by Whale Alert, have certainly caught my attention.
Notable cryptocurrency tracker Whale Alert, which keeps tabs on significant transactions involving both individual and institutional ‘whales’ in the crypto world, has recently identified two enormous transactions moving close to a billion XRP tokens.
As a crypto investor, I’ve noticed some exciting developments today. Two significant events were spearheaded by blockchain heavyweight Ripple. Amidst these activities, the price of XRP has surged noticeably within the last 24 hours, offering a promising outlook for my investments in this digital currency.
Ripple shovels 900 million XRP
Based on information from a blockchain data source, approximately 500 million and 400 million XRP were released from escrow by Ripple and moved to unidentified cryptocurrency wallets respectively. At the point of transaction initiation, these amounts of crypto had a combined value of around $254.7 million and $203.7 million.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 400,000,000 #XRP (203,763,625 USD) unlocked from escrow at unknown wallet
— Whale Alert (@whale_alert) November 1, 2024
For six years now, Ripple has been distributing a billion XRP on the first day of every month. About 80% of these coins get moved to escrow accounts until the next month. This practice was initiated by the blockchain company to maintain liquidity for XRP and to provide XRP to their primary customers – financial institutions based in the U.S., Asia, and the Middle East.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (254,704,531 USD) unlocked from escrow at unknown wallet
— Whale Alert (@whale_alert) November 1, 2024
In addition to previous large transactions discussed in this piece, another significant XRP transaction was flagged by Whale Alert. This time around, an amount of 31,100,000 XRP was transferred from a secretive digital wallet to Bitso, the leading crypto exchange in Latin America, a crypto startup valued at over $1 billion and partner of Ripple.
According to information provided by Bithomp explorer regarding XRP transactions, it appears that the platform received approximately $15.79 million in XRP (31.1 million units) from a wallet linked to Ripple. It’s plausible that this transfer was made as part of Ripple’s partnership with Bitso for the Ripple Payments project, which was previously known as ODL within the community.
XRP price strives to break out
Over the past 24 hours, XRP, currently the seventh largest cryptocurrency, has experienced a 3% increase in value. With a market cap of approximately $29.7 billion and daily trading volume of over $978 million, it’s worth noting that this rise was marked by two significant green candles on an hourly chart. Each candle signified a 1.5% upward movement following a fresh decline.
Currently, XRP is showing a minor drop and is being traded at approximately $0.51833 per token as I write this.
Since Saturday, it has added a marginal 3.5% overall.
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2024-11-01 16:26