Ripple escrow move locks 800m XRP, fuels market momentum
Ripple has moved a significant volume of XRP into escrow, following the purported release of 1 billion XRP from escrow just the day before.
The move has drawn widespread interest as the value of XRP rose to over $0.62. This development comes amidst a flurry of activities in the cryptocurrency market, marking a notable event in Ripple’s strategy regarding its cryptocurrency holdings.
Blockchain tracking service Whale Alert reported that Ripple executed three separate transactions, effectively placing 800 million XRP into escrow. These transactions included the transfer of 200 million coins valued at approximately $118.94 million, 100 million coins worth around $59.48 million, and a further 500 million coins, equating to about $297.65 million. This strategic move by Ripple is interpreted as an effort to manage and regulate the supply of XRP within the market.
The locking of such a vast amount of XRP has coincided with a noticeable increase in the cryptocurrency’s price, which surpassed the $0.62 mark following the escrow activity. Market analysts and enthusiasts are keenly observing these developments, as the actions taken by Ripple are seen as a method to influence the market dynamics and supply of XRP.
Bill Morgan, a legal professional with a positive stance on XRP, shared his observations on social media platform X. He noted a shift in the community’s sentiment regarding Ripple’s escrow activities. Previously viewed with skepticism by some XRP holders, the current narrative suggests a more optimistic outlook on the potential impacts of these actions on XRP’s status and value in the global market.
At the time of this report, XRP has experienced a 6.62% increase in its price over the last 24 hours, trading at $0.6342. This rise in value is attributed to Ripple’s substantial escrow transaction, which has effectively reduced the available supply of XRP, thereby influencing its market price.
Additionally, data from derivatives markets analyzed by Coinglass indicates a significant influx of new investment into the market, as evidenced by a 11.64% increase in open interest.
This suggests that the recent activities surrounding XRP and Ripple have not only affected the cryptocurrency’s price but also attracted new capital to the sector.
Despite this, some indicators point towards a potential consolidation phase soon following the recent price surge.
Credit: Source link
Comments are closed.