NewsletterRipple Escrow Unlocked; Whales Dump 100 Million XRP
XRP News: Ripple’s native crypto, XRP exhibited signs of major decoupling from the current market sentiment for the biggest of the digital assets. XRP price jumped by 9% in the last 30 days, while Bitcoin (BTC) took a dump of 5%. It is expected that XRP price might behave uniquely ahead as Ripple’s monthly Escrow just got unlocked.
Also Read: Why LBRY Latest Court Filing Is Critical For XRP Case Judgement?
XRP To Face Selling Pressure Ahead?
XRP is on an upward trend as Ripple Labs, defendants in the lawsuit filed by U.S. Securities and Exchange Commission (SEC), has bagged several major wins. These positive updates helped the XRP price to jump by almost 50% on year to date (YTD) basis. However, Ripple’s native crypto might take a hit ahead.
The token might face selling pressure as Ripple unlocked its escrow to add 1 billion more XRP (approx worth $515 million) into circulation. However, it is a monthly routine performed by the blockchain firm but still adding a billion to the circulation supply will eventually add to the selling pressure. Its Circulating Supply now stands at 51.98 billion. Read More XRP News Here…
As per the data provided by WhaleAlert, crypto whales have moved more than 126 million XRP (approx worth $64 million) in multiple transactions over the past 24 hours. The biggest transaction recorded by the tracker has been of moving 76 million XRP (approx worth $38.8 million) to the crypto exchange Binance.
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Whales have cumulatively moved almost 100 million XRP (approx worth $50 million) to crypto exchanges in order to dump amid the Escrow transactions. Meanwhile, a whale address accumulated 27 million XRP (approx worth $14 million) in a single transaction before the expected escrow routine.
XRP price has dropped by around 1% in the last 24 hours. It is trading at an average price of $0.50, at the press time. Its trading volume is down by 44% to stand at $1.2 billion.
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