2024

Parabolic

April

Following quite a volatile movement witnessed by XRP over the past month, the Ripple Labs-backed token appears to have started off April on quite an optimistic note, trading primarily in the green near the $0.63 mark today. Amid this pump witnessed by XRP’s price, colossal amounts of tokens unlocked from escrow, per insights revealed by the blockchain tracking platform Whale Alert, nabbed significant attention among crypto market traders and investors globally. 
<h2 id="xrp-escrow-unlock-an-extensive-look">XRP Escrow Unlock: An Extensive Look</h2> 
According to Whale Alert’s data, a staggering 500 million XRP, worth $314.87 million, was unlocked from escrow today, April 1. Intriguingly, unlike usual XRP escrow unlocks, today’s massive release was carried out by an unknown address, whereas it is usually done by Ripple. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f513.png" alt="🔓" class="wp-smiley" style="height: 1em; max-height: 1em;"> 500,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> (314,874,965 USD) unlocked from escrow at unknown wallet<a href="https://t.co/mapKFQkS6k">https://t.co/mapKFQkS6k</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1774630562541498541?ref_src=twsrc%5Etfw">April 1, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Meanwhile, as this massive unlock appears to have sparked curiosity, aligning with XRP’s today’s upward momentum despite supply gains, it also positioned as this month’s first escrow unlock, with speculations within the broader crypto market for another 500 million tokens unlock prevailing. 
Ripple initially announced the locking of 55 billion XRP in escrow, revealing plans to release $1 billion coins each month, coming as a measure to regulate the token’s market dynamics. However, the American <a href="https://coingape.com/glossary/blockchain/" target="_blank" rel="noopener">blockchain</a> payments company hasn’t been doing so, with the abovementioned speculations of another colossal unlock for this month surfacing within the market. 
Additionally, <a href="https://coingape.com/xrp-lawyer-reacts-escrow-releases-500m-xrp-what-next/" target="_blank" rel="noopener">pro-XRP lawyer Bill Morgan</a> appears to have offered vital insights into the XRP escrow unlock. Although he claimed it not to be a novel approach, this routine decision comes as an measure to regulate several market dynamics with the help of a supply boost. 
In the interim, as the on-chain metrics for the Ripple-backed token further came into play, the token was shrouded in speculation over future price action shifts. 
Also Read: <a href="https://coingape.com/ai-news-china-playing-catch-up-as-us-tech-giants-dominate-ai-scene/" target="_blank" rel="noopener">AI News: China Playing Catch-Up As US Tech Giants Dominate AI Scene</a> 
<h2 id="xrp-price-jumps">XRP Price Jumps</h2> 
As of writing, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener">XRP token’s price</a> noted an uptick of 0.77% in the past 24 hours and is currently trading at $0.6274. Notably, over the past week, accompanied by the past month, the token topped $0.63 quite a few times, surging as high as $0.7, nabbing significant investor interest. 
However, derivatives data offered by <a rel="nofollow" href="https://www.coinglass.com/currencies/XRP" target="_blank">Coinglass</a> spotlighted a marginal 0.11% decrease in the token’s open interest, whereas volume dropped 36.17%. This added a bearish tint to XRP as investors showcased a reduced sense of interest in the asset while the trading activity also plunged. 
The RSI surfed at 51, with XRP neither overbought nor oversold, showcasing a neutral sentiment in the market. Further, speculation among crypto market enthusiasts builds that bears or bulls may take control of the asset anytime soon. 
Despite the bearish on-chain factors, XRP traded in the green, underscoring the presence of some bullish trends present. Simultaneously, crypto market traders and investors continue to extensively eye the token, speculating over a bullish or a bearish trend win over the token ahead. 
Also Read: <a href="https://coingape.com/dogecoin-doge-price-gains-another-7-setting-stage-for-a-parabolic-rally/" target="_blank" rel="noopener">Dogecoin (DOGE) Price Gains Another 7% Setting Stage for A Parabolic Rally</a> 
The post <a href="https://coingape.com/xrp-price-500-mln-coins-released-escrow-what-next-xrp/">XRP Price: 500 Mln Coins Released From Escrow, What’s Next For XRP?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price: 500 Mln Coins Released From Escrow, What’s Next For XRP?

Table of Contents

Coingape News Media

Other articles published on Apr 1, 2024

MANLET Witnessing Rebound, Can It Retest $0.000006000 Mark?

'Pharma Bro' Martin Shkreli Predicts 75% Chance Of $1M Bitcoin By The End Of 2024

Unlocking Crypto Wealth: The 5 Must-Have Altcoins This Season

Top Trader Predicts Fresh Leg Up for SOL and One Solana-Based Altcoin, Updates Outlook on Dogecoin

Polygon Co-Founder Sandeep Nailwal Backs NFTFN, Presale Round 1 Succeeds

Binance CEO’s Secret Visit to South Korea

Join our free newsletter for daily crypto updates!