2024

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<a href="https://crypto.news/tag/ripple">Ripple </a>has moved a significant volume of XRP into escrow, following the purported release of 1 billion XRP from escrow just the day before. 
The move has drawn widespread interest as the value of XRP rose to over $0.62. This development comes amidst a flurry of activities in the cryptocurrency market, marking a notable event in <a href="https://crypto.news/ripple-eyes-crypto-custody-expansion-announces-job-vacancy-at-metaco/">Ripple’s strategy</a> regarding its cryptocurrency holdings. 
Blockchain tracking service Whale Alert <a href="https://whale-alert.io/" target="_blank" rel="noopener">reported </a>that Ripple executed three separate transactions, effectively placing 800 million XRP into escrow. These transactions included the transfer of 200 million coins valued at approximately $118.94 million, 100 million coins worth around $59.48 million, and a further 500 million coins, equating to about $297.65 million. This strategic move by Ripple is interpreted as an effort to manage and regulate the supply of XRP within the market. 
The locking of such a vast amount of XRP has coincided with a noticeable increase in the cryptocurrency’s price, which surpassed the $0.62 mark following the escrow activity. Market analysts and enthusiasts are keenly observing these developments, as the actions taken by Ripple are seen as a method to influence the market dynamics and supply of XRP. 
 You might also like: <a href="https://crypto.news/ripple-price-prediction-will-xrp-rise/"> Ripple price prediction for 2024: will XRP rise? </a> 
Bill Morgan, a legal professional with a positive stance on XRP, shared his observations on social media platform X. He noted a shift in the community’s sentiment regarding Ripple’s escrow activities. Previously viewed with skepticism by some XRP holders, the current narrative suggests a more optimistic outlook on the potential impacts of these actions on XRP’s status and value in the global market. 
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 That’s a change from a segment in the <a href="https://twitter.com/hashtag/XRPcommunity?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#XRPcommunity</a> saying the escrow has a role in Ripple dumping on XRP holders and negatively suppressing XRP’s price. <a href="https://t.co/hxizGTVuF1" target="_blank">https://t.co/hxizGTVuF1</a>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1763784411773051120?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">March 2, 2024</a>
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At the time of this report, XRP has experienced a 6.62% increase in its price over the last 24 hours, trading at $0.6342. This rise in value is attributed to Ripple’s substantial escrow transaction, which has effectively reduced the available supply of XRP, thereby influencing its market price. 
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 <img loading="lazy" decoding="async" width="898" height="495" src="https://crypto.news/app/uploads/2024/03/XRP_1D_graph_coinmarketcap.png" alt="Ripple strategic escrow move locks 800m XRP, fuels market momentum - 25" class="wp-image-14254754">
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 XRP 24-hour price chart | Source: <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener">CoinMarketCap</a>
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Additionally, data from derivatives markets analyzed by <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="noopener">Coinglass </a>indicates a significant influx of new investment into the market, as evidenced by a 11.64% increase in open interest. 
This suggests that the recent activities surrounding <a href="https://crypto.news/ripple-xrp-whales-invest-40m-in-10-days-heres-what-to-expect-in-march-2024/">XRP </a>and Ripple have not only affected the cryptocurrency’s price but also attracted new capital to the sector. 
Despite this, some indicators point towards a potential consolidation phase soon following the recent price surge. 
 Read more: <a href="https://crypto.news/ripple-ceo-backs-xrp-etf-calls-for-clearer-crypto-regulation/"> Ripple CEO backs XRP ETF, calls for clearer crypto regulation </a>

Ripple strategic escrow move locks 800m XRP, fuels market momentum

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