Over One Billion XRP Shuffled by Ripple in 24 Hours

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to navigate the cryptosphere with a steady hand and an open mind. The recent moves by Ripple Labs Inc., particularly their billion XRP escrow transactions, have become a familiar sight in this ever-evolving market.

Over the course of a day, Ripple Labs Inc., a notable American blockchain payments company, has moved over a billion units of XRP, following a planned disbursement from their escrow account. As shown by records of transactions into and out of the firm’s escrow wallet observed by Whale Alert, this transfer exceeded one billion XRP in total.

XRP liquidity and market sentiment

The control of the XRP supply via the escrow model by Ripple Labs has grown to become a customary move to determine the coin’s liquidity. Per Whale Alert, 500 million XRP have been released from escrow in two tranches. 

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 300,000,000 #XRP (178,562,099 USD) unlocked from escrow at unknown wallet— Whale Alert (@whale_alert) August 2, 2024

The initial transaction consisted of 300 million XRP, equivalent to approximately $178.56 million, followed by a second transaction releasing 200 million XRP, worth around $119.18 million. Both transactions were separate incidents and occurred after at least six previous transactions, in which Ripple transferred XRP between its wallets, ranging from 100 million to 600 million XRP.

In simple terms, the market seems unfazed by these escrow transfers because such actions are routine for payment firms. Currently, the value of XRP has decreased by 6.8% over the last 24 hours, with each unit being traded at approximately $0.5685.

Currently, I’m observing a decrease in trading volume, which suggests that there’s a dwindling level of market confidence that we’re dealing with at present.

Setting new standard

Over time, approximately a billion units of XRP have been periodically released by Ripple Labs from their escrow each month. This suggests that further releases could be imminent in the near future. To maintain its positive growth trajectory, XRP concluded July exceptionally well.

Despite temporarily lower surface-level pricing indicators, it’s crucial to note that XRP is currently exhibiting one of its most robust bullish trends in over a year.

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2024-08-02 12:33