Ripple Locks Away 800 Million XRP In Escrow, Impact On Price?
2024年2月3日 - 2:00AM
NEWSBTC
Ripple Labs, a leading American-based payment firm has locked away
a substantial amount of XRP tokens in its escrow wallet as part of
its monthly unlock program to help bolster its ecosystem and XRP.
Ripple Takes Back 800 Million XRP A recent report from
on-chain tracker Whale Alert revealed that Ripple took back about
800 million XRP tokens. This is no surprise, as the stated
transaction has been a recurring outcome by the payment firm. The
payment firm locked the aforementioned funds after its monthly 1
billion XRP release, which has caught the attention of the crypto
space. According to Whale Alert, the firm carried out the
transaction in two distinct transfers. Related Reading: Why
Does Ripple Return Unlocked Tokens To Escrow? Pro-XRP Lawyer
Provides Answers For the first transaction, Ripple locked away 500
million XRP tokens, valued at $253 million at the time of the
report. Data from XRPScan shows that the 500 million XRP were
initially transferred from “Ripple 23” to “Ripple 11” wallets
before they were locked away. Meanwhile, the second transaction saw
300 million XRP valued at about $151 million being transferred to
the company’s escrow wallet. Whale Alert revealed the transaction
was carried out by another wallet address identified as “Ripple
10,” according to data from the XRPScan. The firm has been
releasing XRP from its escrow holdings every first day of the
month. This process is a component of Ripple’s strategy to regulate
the amount of XRP in circulation and uphold stability in the
dynamic world of digital assets. After making up 55% of all
XRP supply at first, the escrow accounts now own 40.7% of the
supply. This is a result of the progressive unlocking process since
it began in December 2017. As of December 2017, the firm held 55
billion XRP as part of the escrow system initiative, which was
mostly implemented on the XRP Ledger (XRPL). XRP Whales On Dumping
Spree Whale Alert has also detected a substantial dump of XRP on
cryptocurrency exchanges (CEXs). Whale Alert reported that over 67
million XRP was observed being moved to Bitso and Bitstamp
platforms. Related Reading: XRP Whales Moves $47 Million To
Exchange, As Price Dips Further data shows that the unknown wallet
address r4wf7enWPx…5XgwHh4Rzn transferred 37.9 million XRP to a
Bitso-based wallet address. As of the time of transfer, the funds
were valued at approximately $19 million. Later on, 29.7 million
XRP was moved to Bitstamp, a Luxemburg-based crypto exchange, in a
separate transaction. According to the tracker, the same wallet
address carried out the transaction worth about $15 million. This
particular wallet address has been carrying out this type of
transaction to the CEXs for a while now. It is believed that this
might be due to Ripple’s strategic partnership with these
centralized exchanges. The price of XRP is still down by over 2% in
the past week, trading at $0.505. Its market capitalization is
currently up by 2%, but its trading volume has decreased by over
36% in the past 24 hours. Featured image from iStock, chart from
Tradingview.com
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