Bitcoin

Billion

The XRP price was on the investors’ radar&nbsp;today,&nbsp;amid a massive whale transfer of the coin. Meanwhile, Ripple has locked 800 million XRP to escrow&nbsp;today,&nbsp;amid a series of other hefty transfers, which have sparked speculations over the potential move of Ripple behind the transfers.&nbsp;Notably, this move comes after the firm unlocked 500 million XRP from Escrow&nbsp;recently.
<h2 id="span-data-preserver-spaces-true-ripple-locks-800-million-xrp-amid-massive-whale-transfer-span">Ripple Locks 800 million XRP Amid Massive Whale Transfer</h2>
XRP, the native crypto of Ripple, has gained traction in the market today, as evidenced by the surge in its price. Meanwhile, Ripple has locked 800 million in three transactions to <a href="https://coingape.com/glossary/escrow/" target="_blank" rel="noopener noreferrer nofollow">Escrow</a>, sparking speculations in the broader crypto market.
This action follows Ripple’s routine strategy of unlocking 1 billion XRP from Escrow each month. While such releases are customary, they&nbsp;play a crucial role&nbsp;in Ripple’s operational dynamics.
Previously, XRP lawyer <a href="https://coingape.com/xrp-lawyer-reacts-escrow-releases-500m-xrp-what-next/" target="_blank" rel="noopener noreferrer nofollow">Bill Morgan</a> said that a portion&nbsp;of the released XRP&nbsp;is utilized&nbsp;to enhance the circulating supply, while the majority&nbsp;is returned&nbsp;to Escrow. Meanwhile, Ripple’s Escrow Strategy aims to ensure liquidity in the market and facilitate seamless cross-border transactions.&nbsp;
Despite potential short-term fluctuations in XRP’s price due to increased supply, this approach aligns with Ripple’s long-term vision for sustainability in the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> ecosystem. In addition, the locking of XRP underscores Ripple’s commitment to managing its token supply judiciously.&nbsp;
Meanwhile, this strategic move&nbsp;not only&nbsp;supports Ripple’s operational objectives&nbsp;but also&nbsp;contributes to the broader stability of the cryptocurrency market.&nbsp;As Ripple continues to navigate the complexities of the crypto landscape, its Escrow Strategy remains instrumental in shaping its trajectory and ensuring sustained growth and innovation.
Also Read: <a href="https://coingape.com/terraform-labs-refuses-to-pay-5-3-billion-fine-says-sec-has-no-evidence/" target="_blank" rel="noopener noreferrer nofollow">Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence</a>
<h2 id="span-data-preserver-spaces-true-price-performance-amid-massive-transfer-span">Price &amp; Performance Amid Massive Transfer</h2>
The recent locking of XRP by Ripple has further stirred speculations amid massive transactions noted recently. According to Whale Alert, Ripple has moved <a rel="noopener noreferrer nofollow" href="https://whale-alert.io/transaction/ripple/6A5F963863D0E4EC93169C4589591C1AD082736AED99F896C8E8BDEE19D80FC8" target="_blank">60 million XRP</a> to two unknown wallets in two transactions, each consisting of 30 million coins.
However, before shifting the 800 million XRP to Escrow, Ripple received 1 billion XRP from three addresses, sparking speculations in the crypto market. Notably, the transfer has been further watched closely by the investors, as the <a href="https://coingape.com/ripple-vs-sec-news-lawyers-discloses-possible-verdict-in-expert-witness-motion/" target="_blank" rel="noopener noreferrer nofollow">Ripple Vs. SEC</a> lawsuit intensified this, with the SEC filing its reply. Now, the market&nbsp;is eagerly anticipating&nbsp;Ripple’s next move for further legal clarity on the matter.
Meanwhile, despite a dip in major cryptos like Bitcoin, Ethereum, and others, the <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP price</a> was up 2.10% to $0.5091. Notably, its volume over the last 24 hours rose 29.39% to $1.77 billion, with its current market cap&nbsp;standing&nbsp;at $28.18 billion. The XRP crypto has touched a high of $0.5202 and a low of $0.4802 in the last 24 hours.
Also Read: <a href="https://coingape.com/bitcoin-btc-price-slump-hints-major-trouble-ahead-for-global-markets/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Slump Hints Major Trouble Ahead for Global Markets</a>
The post <a href="https://coingape.com/xrp-price-ripple-locks-800m-coins-massive-xrp-movements-what-next/" rel="noopener noreferrer nofollow">XRP Price:&nbsp;Ripple Locks 800M Coins Amid Massive XRP Movements, What’s Next?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

XRP Price: Ripple Locks 800M Coins Amid Massive XRP Movements, What’s Next?

Table of Contents

Coingape News Media

Other articles published on May 2, 2024

Pi Coin Set New Highs Of 47 Dollars Before Mainnet Launch

Bitcoin (BTC) Advocate Roger Ver Detained in Spain, Ex-Binance CEO (BNB) Faces Jail Time, XRP Pro...

Analysts Eye Potential Dogecoin Rally Amid 27% Monthly Dip

Spot Bitcoin ETFs reach record $563m outflows

Block, Led by Jack Dorsey, Under Federal Investigation for Alleged Bitcoin (BTC) Transactions Lin...

Revival of Memecoins: Significant Surge in New Token Launches on Platform, Featuring Coin Name an...

Join our free newsletter for daily crypto updates!