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Ripple’s XRP sees $1.5 billion transferred in 24 hours
Ripple’s XRP token has seen substantial activity over the past 24 hours, attracting the attention of the crypto community.
Blockchain tracker Whale Alert reported the transfer of 3 billion XRP tokens, worth around $1.5 billion, in several transactions. This large-scale movement has raised concerns about the potential impact on prices.
Ripple’s escrow activities raise concerns in the market
Typically, Ripple releases approximately 1 billion XRP tokens from its escrow wallet at the beginning of each month. However, the unusual asset movements this month surprised the community, leading to various speculations about these transactions.
Crypto commentator Marty Party noticed that the 3 billion tokens represented 5.45% of the total circulating supply of XRP and were transferred between Ripple-affiliated wallets within 30 minutes. Some community members clarified that these asset movements were standard fund consolidations related to escrow activities. They pointed out that of the 3 billion tokens, 1 billion worth $520 million was unlocked from Ripple’s escrow address.
“Most of these are internal movements and relock ups of escrows. Everyone says the account is ‘unknown,’ the bot was wrong and it was still a Ripple account,” said crypto analyst Michael Nardolillo. explained.
To know more: Ripple (XRP) Price Prediction 2024/2025/2030
Historically, The price of XRP tends to fluctuate in response to Ripple escrow releases, often influenced by prevailing market sentiment. Despite a 1% decline in the last 24 hours, XRP price remains stable at $0.51, indicating that the recent escrow release has not significantly affected its performance.
However, some market experts believe that the release of the token could introduce additional selling pressure, hampering them The potential recovery of XRP. Reports suggest that Ripple may be preparing for the largest monthly XRP dump since 2017, reserving 400 million XRP tokens worth $208 million for a fire sale in June.
To know more: How to buy XRP and everything you need to know
These actions would have a significant impact on the price of XRP. While XRP remains among the top ten cryptocurrencies by market capitalization, it has been one of the worst-performing major tokens this year. According to Tradingview data, The value of XRP it is down 18% year to date, with only Cardano’s ADA performing worse, showing a 27% decline.
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