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Highlights
- Whale Alert's data highlights colossal amounts of XRP unleashed from escrow.
- XRP trades in the green despite supply gains from unlock, sparking curiosity.
- On-chain data further stirs speculations over the token's future price action.
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.
XRP Escrow Unlock: An Extensive Look
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.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (314,874,965 USD) unlocked from escrow at unknown wallethttps://t.co/mapKFQkS6k
— Whale Alert (@whale_alert) April 1, 2024
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 blockchain payments company hasn’t been doing so, with the abovementioned speculations of another colossal unlock for this month surfacing within the market.
Additionally, pro-XRP lawyer Bill Morgan 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.
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XRP Price Jumps
As of writing, the XRP token’s price 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 Coinglass 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.
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