- Ripple’s 500 million XRP release, valued at $281 million, triggers speculation of market impact amid ongoing whale activity.
- Despite a 5% weekly drop, XRP has surged 18.72% over the past month, highlighting market volatility and potential for price reversal.
- Whale transactions, including a significant transfer from Binance, suggest bullish sentiment as traders anticipate potential XRP price gains.
A recent XRP escrow release of 500 million tokens, totalling an approximate of $281 million, has provoked speculation of a potential sell-off for the XRP tokens.Some in crypto community expressed their concerns of regarding the recent XRP move, according to CoinMarketCap surge of nearly 2% in the past hour and 2.5% decrease in the past 24 hours were recorded.
Ripple’s 500M XRP Release Raises Market Concerns
The release of the tokens to a unknown wallet was noted by Whale Alert through X space confirming the escrow release, which transferred the XRP tokens . This event is not unprecedented, as Ripple has a longstanding practice of scheduled escrow releases to manage XRP supply.
Through a blog post, Ripple confirmed that it has placed 55 billion XRP into escrows, releasing 1 billion monthly in a system controlled by ledger mechanics, designed to enhance XRP supply predictability and secure cross-ledger transactions.
XRP Performance: Recent Trends and Market Implications
While the gradual increase in XRP supply could lead to price dilution to maintain market capitalization, the team emphasizes that the actual amount of XRP entering circulation is likely to be less than the released amount. Any leftover XRP is placed into new escrows for future release.
Meanwhile, a separate transaction involving a transfer of over 23 million XRP, valued at $13 million, from Binance to an unknown wallet hinted that the holder is bullish in the short term and expects a price surge. As a result, the wallet transferred the XRP holdings to a cold wallet.
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XRP has seen a 7.88% fall in the past seven and a 21.06% increase in a month. Despite its weak performance in the crypto market since August 2023, the recent whale movements indicate that a price shift might be seen.
CoinMarketCap data reveals that. XRP is currently at a price of $0.5567 with a total market cap of $31,167,646,701 at the time of writing holding its rank at number seven.
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