4,000,000 XRP, worth around $10.1 million, were unlocked from escrow at an unknown wallet on Monday, November 10. 

Since Ripple’s usual monthly escrow release had already occurred at the beginning of the month, the move sparked a lot of speculation in the crypto community, allowing the cryptocurrency to jump nearly 5% on the day.

It was later revealed that the tokens were locked and subsequently unlocked at Flare’s Core Vault, a critical component of the Flare Network that acts as a liquidity hub for Flare’s FAssets system, holding assets such as XRP used to aid FXRP mining.

Meanwhile, a 22 million XRP transfer, worth approximately $56 million, was made from Bitget to an unknown wallet, adding another layer of intrigue to the already mysterious situation.

XRP price action

While XRP’s price slowly dropped over the subsequent couple of days, it is once again surging at the time of writing on Thursday, November 13, up nearly 4% on the daily chart and almost 8% in the green on the week.

The renewed momentum is primarily driven by the launch of Canary Capital’s XRP ETF (XRPC), set to begin trading on November 13. Canary Capital CEO Steve McClurg predicts over $5 billion in inflows within the first month.

On the broader political front, U.S. President Donald Trump has signed a bill ending the 43-day government shutdown, providing a favorable backdrop for the ETF launch.

XRP is showing signs of strength from a technical perspective, too. For one, the relative strength index (RSI) at 46.99 is slowly edging back toward neutral territory, while the moving average convergence divergence (MACD) histogram at +0.013 signals an early bullish crossover.

However, some resistance remains. Namely, the crypto faces a ceiling at the 200-day exponential moving average (EMA) at $2.63, while a sustained close above $2.52 could trigger a run toward $2.70, aligning with the 127.2% Fibonacci extension.

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