Ripple News: XRP Price Surges Following Escrow Transition, as Whales Sell Millions

Ripple, a prominent player in the cryptocurrency community, has made a bold move by locking away a substantial 800 million XRP. This decision, which forms part of a monthly program, aims to bring stability and predictability to the often volatile cryptocurrency market.

Meanwhile, large investors, known as “whales,” have been making waves in the market by offloading a significant 67.6 million XRP onto cryptocurrency exchanges (CEXs). This has caused quite a stir in the crypto space.

Whale Alert, a blockchain tracker, reported an impressive transfer of 867.6 million XRP tokens. Ripple intentionally secured 800 million XRP in a secure escrow wallet, highlighting its commitment to maintaining a controlled supply.

At the same time, an XRP Whale engaged in a notable offloading spree, moving 67.6 million XRP to CEXs. Whale Alert’s data revealed that 37.9 million XRP was sent to Bitstamp in Luxembourg City, while 29.7 million XRP went to Bitso in Mexico City.

What makes these transactions even more intriguing is the frequency with which transfers are being made to Bitstamp and Bitso, aligning with Ripple’s strategic involvement with these exchanges.

In response to these significant moves, the price of XRP experienced a 2.04% surge in the last 24 hours, reaching $0.51. However, when looking at the weekly chart, there was a 1.54% drop, and over the course of a month, the price plunged by a more substantial 20.31%.

It’s worth noting that Ripple’s CEO has assured the public of the system’s security following a recent hack that resulted in the theft of $112 million worth of XRP tokens.

Overall, Ripple’s decision to lock away a significant amount of XRP has garnered attention in the cryptocurrency community. Meanwhile, the offloading of XRP by large investors has caused a stir, and the market response has seen some short-term gains but also some significant losses in recent weeks.