Plunge

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<p>The post <a href="https://coinpedia.org/news/xrp-price-plunge-as-ripple-locks-away-800-million-tokens-in-escrow/" rel="noopener noreferrer nofollow">XRP Price Plunge as Ripple Locks Away 800 Million Tokens in Escrow</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In a busy start to August, <a href="https://coinpedia.org/news/ripples-monthly-locking-of-800m-xrp-coins-took-place-amid-xrp-price-surge/" rel="noopener noreferrer nofollow">Ripple</a> has made headlines by moving a massive 1 billion XRP and unlocking 500 million tokens from escrow. This significant activity has come at a time when XRP’s price has slipped below $0.58, sparking both curiosity and concern among investors.</p>
<h2 class="wp-block-heading" id="h-ripple-s-monthly-1-bln-xrp-unlock">Ripple’s Monthly 1 Bln XRP Unlock</h2>
<p>Blockchain payment project Ripple unlocked 1 billion XRP tokens on August 1. This move is part of its regular monthly practice, aimed at gradually placing 55 billion XRP tokens into escrow over several years.</p>
<p>In August, Ripple carried out its usual escrow unlocking procedure, starting with the release of 500 million XRP tokens. Early this morning, <a href="https://x.com/whale_alert/status/1819059664035754411" rel="noopener noreferrer nofollow">300 million XRP</a> was transferred to the address rw2..3wY at 00:16 UTC, with an <a href="https://x.com/whale_alert/status/1819062105087103040" rel="noopener noreferrer nofollow">additional 200 million XRP</a> following just two minutes later. This transaction brought the balance of the rw2..3wY address back up to 500 million XRP.&nbsp;&nbsp;</p>
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.png" alt="🔒" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f512.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" rel="noopener noreferrer nofollow">#XRP</a> (291,227,965 USD) locked in escrow at <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a><a href="https://t.co/sGiqkuDOWC" rel="noopener noreferrer nofollow">https://t.co/sGiqkuDOWC</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1819062872455930186?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 1, 2024</a>
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<p>In total, Ripple moved 1 billion XRP and secured 800 million tokens in escrow within a span of twenty minutes.</p>
<p>Notably, this month’s escrow unlocking deviated from the typical practice of releasing the full 1 billion XRP at the start of the month. This deviation has been observed throughout the year, with only a few months sticking to the usual pattern.&nbsp;</p>
<h2 class="wp-block-heading" id="h-xrp-price-analysis">XRP Price Analysis</h2>
<p>The timing of these transactions coincides with a notable drop in XRP’s price. After a strong rally that saw XRP reach $0.65 on July 31, the cryptocurrency has faced a downturn.<br><br>Looking at the daily chart, XRP recently formed a symmetrical triangle pattern, which played a key role in the price movement. This pattern, characterized by two trendlines converging with equal and opposite slopes, was crucial in the formation of a recent engulfing candlestick. This pattern quickly drove the price up from $0.59 to $0.60.</p>
<p>The last time XRP formed a similar pattern was in early July, resulting in a 40% price increase within just a few days. Currently, the Relative Strength Index (RSI) stands at 66.94, suggesting strong bullish momentum around the token.</p>
<p>XRP’s price may potentially exceed $0.65 in the short term. If August turns out to be favorable, the token could aim to reach its yearly high of $0.72. As of now, XRP is <a href="https://markets.coinpedia.org/xrp/" rel="noopener noreferrer nofollow">trading at $0.5732</a>, having fallen 5.94% in August alone.&nbsp;</p>

XRP Price Plunge as Ripple Locks Away 800 Million Tokens in Escrow

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