XRP News: Ripple Moves 1B Coins Sparking Speculations, What’s Happening?
Highlights
- Ripple transfers 1 billion XRP across multiple wallets, sparking speculation and investor interest.
- 700 million XRP is locked in escrow, reducing available liquidity in the market.
- The unusual absence of the scheduled monthly escrow release raises questions about Ripple's motives.
- XRP price slipped 3% today amid soaring market speculations.
In the latest XRP news, Ripple has once again stolen the spotlight with a massive 1 billion XRP move. The blockchain firm transferred the tokens across multiple wallets, with 700 million coins later locked in escrow. However, the unusual absence of the scheduled April escrow release has left investors questioning Ripple’s motives.
XRP News: Ripple’s 1 Billion Move Sparks Speculation
Ripple has been the hot topic in the latest XRP news thread with its latest move. The recent transactions have drawn attention due to their sheer volume and an unexpected deviation from its usual schedule.
According to Whale Alert, the blockchain company moved 1 billion XRP in multiple transactions, with a significant portion being re-locked in escrow. Whale Alert data showed that the first transfer saw 300 million XRP, valued at approximately $629 million, sent from the Ripple (26) wallet to the “rBg…91m” address. Shortly after, another 200 million XRP worth $420 million was sent to the “rKD…2op” wallet.
Interestingly, the “rKD…2op” wallet later received another 170 million XRP in a separate transaction from Ripple (27). Soon after, 330 million XRP was transferred to the “rDd…eCK” address, marking its first transaction since March. These movements totaled 1 billion XRP.
Ripple Locked 700 Mln XRP In Escrow
Despite moving a massive sum, Ripple locked 700 million XRP back into escrow accounts. The “rKD…2op” wallet, which received 370 million XRP, locked the entire amount in escrow shortly after the transactions.
Similarly, the “rDd…eCK” wallet re-locked all 330 million XRP it received. This brought the total escrowed amount to 700 million, leaving 300 million XRP untouched. Currently, the wallet “rBg…91m” holds these funds, likely for operational liquidity.
What’s Lies Ahead?
These latest transfers have drawn attention mostly due to the absence of the expected 1 billion XRP escrow release in April. Usually, Ripple releases 1 billion XRP on the first day of each month before re-locking a part of the locked amount. However, no such event has been witnessed this month yet.
However, with these latest transfers, speculations are high on the potential reason behind the move. Besides, the discussions further amplified as the Ripple Vs SEC case is likely to end in August.
Meanwhile, amid the transfer, XRP price today slipped 3% to $2.12, while its one-day volume fell 11% to $3.83 billion. Besides, a recent report indicates that Ripple’s coin price may slip to $1.5 if it loses critical support ahead.
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