Ripple’s Decision to Safeguard 800 Million XRP Triggers Intrigue Amongst Investors
Ripple has recently made a bold move by locking away a staggering 800 million XRP, attracting attention from the cryptocurrency community. This decision is part of Ripple’s strategy to maintain stability and control the circulating supply in the ever-changing world of digital currencies.
Interestingly, this move comes at a time when large investors, known as whales, are making significant transactions. These whales have recently dumped a massive 67.6 million XRP on cryptocurrency exchanges (CEXs).
800 Million XRP Locked in Escrow
In a strategic and recurring program, Ripple has chosen to lock away a substantial amount of 800 million XRP into escrow. This calculated decision by the Ripple-backed token is not a one-time event, but rather a continuous effort that aims to reshape the dynamics of the cryptocurrency market.
By locking away a significant portion of XRP on a monthly basis, Ripple aims to introduce predictability and stability to the market.
67.6 Million Tokens Dumped
Whale Alert, a blockchain tracker that monitors on-chain data, has reported a transfer of an impressive 67.6 million XRP tokens. Interestingly, Ripple intentionally secured 800 million XRP in a secure escrow wallet.
At the same time, an XRP Whale engaged in a significant selling spree, dumping a staggering 67.6 million XRP onto cryptocurrency exchanges (CEXs).
Whale Alert’s data tracked the wallet address …Rzn, which showed that it moved 67.6 million XRP to these CEXs through two transactions. Initially, 37.9 million XRP was transferred to Bitstamp, a CEX in Luxembourg City. Subsequently, in another transaction, 29.7 million XRP was transferred to Bitso, a CEX located in Mexico City.
37,900,000 #XRP (19,149,445 USD) transferred from unknown wallet to #Bitso https://t.co/b6bZY02S8K — Whale Alert (@whale_alert) February 1, 2024
Subsequently, in another transaction, 29.7 million XRP was transferred to Bitso, a CEX located in Mexico City.
29,700,000 #XRP (15,012,431 USD) transferred from unknown wallet to #Bitstamp https://t.co/93MTBINR03 — Whale Alert (@whale_alert) February 1, 2024
What adds an extra layer of intrigue is that these transfers to Bitstamp and Bitso seem to be occurring more frequently, coinciding with Ripple’s strategic involvement with these specific exchanges.
XRP Price Surges
Following these significant moves, the price of XRP experienced a 2.04% increase in the last 24 hours, reaching $0.51. This surge is positive in the short term. However, the weekly chart reflects a 1.54% drop and a more substantial 20.31% monthly decline.