As an experienced financial analyst, I find the recent XRP market developments quite intriguing. Based on the information shared by Whale Alert, we can observe two significant XRP transfers totaling nearly 70 million XRP, worth around $31 million at the time of the transactions. These large amounts were sent to top cryptocurrency exchanges in Mexico and the European Union, raising suspicions that these may be sell orders from anonymous holders.
According to the well-known blockchain investigator Whale Alert, in the past 24 hours, two significant XRP transactions were identified. These transfers ended up at leading crypto exchanges located in Mexico and the European Union.
In total, almost 70 million XRP were transferred, to be sold by anonymous holders.
66.5 million XRP sale happening
Two significant transactions involving 30,370,000 and 33,200,000 XRP were recorded in the previously mentioned data source. The values of these transactions were approximately $14,633,165 and $16,011,607 respectively, at the point when they took place.
The initial large-scale XRP transaction ended up at the European exchange, Bitstamp, while the subsequent one was directed to Bitso.
Two significant cryptocurrency transactions occurred as XRP‘s price made an effort to surpass the $0.48736 resistance point. However, XRP has since experienced a nearly 2% decline and is currently being traded around $0.48000.
XRP seems to be moving in a descending channel now, which is a bearish pattern.
Ripple unlocks one billion XRP
As an analyst, I’ve noticed that on July 2, Ripple Labs, a leading player in the blockchain industry, unlocked a substantial amount of one billion XRP tokens from their escrow account. Normally, such large XRP transfers from the escrow have occurred on the first day of every month in the past.
Three distinct portions, holding 500 million, 100 million, and 400 million XRP tokens, were freed this time. The aggregate worth of these released XRP tokens equaled approximately $476.8 million.
As an analyst, I’ve observed that Ripple consistently locks back around 800 million units of XRP following massive escrow withdrawals and keeps the unlocked portion for covering operational costs or supplying to institutional clients. Over the last four years, moreover, a portion of the unlocked XRP has been utilized for meeting legal expenses pertaining to the SEC lawsuit initiated in December 2020.
Ripple chief executive Brad Garlinghouse recently voiced a prediction that this long-lasting legal case is likely to end this year, in September in particular. He jestingly called it “the end of summer.”
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2024-07-03 17:23