Ripple unlocked an additional 1 billion XRP (XRP) from escrow on Friday, September 1, adhering to its well-established monthly release strategy.
This deliberate action plays a pivotal role in bolstering XRP liquidity within the dynamic crypto market, thereby facilitating businesses in harnessing the potential of XRP for seamless cross-border transactions. Nevertheless, it is essential to acknowledge that this strategy often ushers in a transient dip in XRP’s market value, owing to the augmented supply it introduces.
As per insights gathered by finbold, Whale Alert reported on September 1: that a substantial one billion XRP were released from escrow in a series of four transactions.
Picks for you
Commencing this intriguing sequence was the unlocking of 300 million XRP, equivalent to $153 million in market value. Following closely was the release of an additional 100 million XRP, representing $51 million.
Notably, the subsequent two transactions saw Ripple unlocking 200 million and 400 million XRP, collectively valued at over $300 million. Hence, the cumulative movement of XRP exceeded the threshold of $500 million.
Crypto Whale transfers 20 million XRP
Further adding to the intrigue, Whale Alert also disclosed a whale’s actions within the crypto realm. This significant player transferred a substantial 19.92 million XRP, valued at an impressive sum exceeding $10 million, to the renowned crypto exchange Binance.
It is worth emphasizing that the conventional outcome of XRP unlocks tends to manifest in a short-term depreciation of the cryptocurrency’s market price, attributable to the increased supply entering circulation.
However, it is imperative to underscore the critical role played by Ripple in ensuring the provision of liquidity, especially in light of the burgeoning demand for XRP emanating from businesses, strategic partners, and prominent cryptocurrency exchanges.
Currently, XRP is exchanging hands at $0.5076, marking a 3.38% decrease within the day and a 1.38% decline throughout the week. XRP finds itself supported at the $0.47439 level, while it encounters a formidable resistance at $0.54252.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
