XRP, a leading cryptocurrency, has gained attention due to Ripple’s recent actions and significant whale transactions. Whale Alert’s data showed that 867.6 million XRP were moved, with 800 million going into Ripple’s escrow wallet and 67.6 million transferred to cryptocurrency exchanges.
Ripple’s Escrow Strategy
Ripple’s escrow transactions involved two large amounts of XRP being locked away. The first transaction secured 300 million XRP, and the second an additional 500 million XRP, totaling a value of approximately $404.86 million at the time of reporting.
Concurrently, significant XRP transfers to exchanges Bitstamp and Bitso were observed. These transfers totaled 67.6 million XRP and are notable due to Ripple’s previous strategic equity investments in these exchanges.
The current market price of XRP is $0.506, reflecting a 2.04% increase over the past 24 hours, despite a weekly decline of 1.54% and a monthly decrease of 20.31%. The escrow lockup of XRP by Ripple is viewed as a positive move, potentially reducing the circulating supply and prompting predictions of an upcoming rally for the cryptocurrency.
The optimism for XRP’s market performance is further fueled by supporters, with predictions of a significant rally, suggesting a bright future for the Ripple-affiliated digital asset.