Whale Alert has yet again alerted users to another routine withdrawal of XRP coins from one of its escrow addresses by the financial behemoth Ripple.
The San Francisco-based crypto giant Ripple Labs has started taking out one billion of these coins every month on the first. According to data from the XRParcade platform, Ripple has been engaging in this activity for 62 months.
Ripple released billions of the tokens as part of its latest escrow fund release. For the past 10 hours, the token’s EscrowBot has recorded four transactions, each carrying two 400,000,000 and two 100,000,000 XRP.
According to the data, Ripple has released 1 billion XRP tokens through various transactions, which are roughly worth $378 million. This indicates that there are currently close to 51 billion XRP coins on the market. 51% of the overall supply is made up of this.
400,000,000 XRP just released as part of Ripple’s monthly escrow process.
Hash: 2356B096A6D2DE9C77047B59B4E98950CC92C0457425A0BF30848F947CBD4552
Every release is followed by a re-escrow transaction. Learn about Ripple’s XRP escrow process here: https://t.co/6WPmhRS6Qm
— XRP Escrow Bot (@XRP_EscrowBot) March 1, 2023
Whale interest in Ripple’s native cryptocurrency has increased as the summary judgment in the XRP lawsuit draws closer. The top 100 whale wallets own over $26.8 million worth of XRP, according to data released by the BSC whales. 2.36% of their holdings are represented by this.
A whale transferred over 41 million XRP to the cryptocurrency market Bitstamp in order to sell its investment. The whale has transferred XRP tokens valued at $15.88 million so far to the cryptocurrency.
Awaiting summary judgment in the XRP lawsuit has caused the price of Ripple’s native cryptocurrency, XRP, to remain unchanged over the past few weeks.
IlThe US district court decision in favor of Ripple is anticipated to have a significant impact on the XRP price. The sixth-largest cryptocurrency, has seen a decent rise in price during the last day of about 1%.
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Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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Ripple, the parent company of the cryptocurrency XRP, recently sold off more than two billion XRP units worth more than $600 million to institutional investors. This massive cash injection into the crypto markets is a move that has created both enthusiasm and fear among the crypto trader community. Some traders believe that the sale of a large number of XRP creates an opportunity for traders as the decrease in the amount of readily available XRP creates a market that is primed for potential spikes in price.
The XRP tokens are being sold to institutional investors through Ripple’s over-the-counter XRP sales, which saw Ripple move $1.2 billion worth of XRP tokens in the first quarter of 2021 alone. According to reports, while the majority of the XRP tokens are being sold directly to institutional investors, a small fraction of the tokens is also being sold through various online exchanges, giving retail investors and traders the opportunity to reap the benefits of the massive dump of XRP tokens.
The crypto trader community is divided in its opinion of the Ripple XRP sale. On one hand, some traders believe the sale of XRP tokens is a sign of distress and that the price of XRP tokens could be in for a slump due to the large selloff. On the other hand, other traders believe that the selloff creates a unique opportunity for those looking to enter the crypto markets, as the decrease in the liquidity of XRP could potentially result in substantial price increases in the future.
Whales, or large retail investors, are some of the groups attempting to capitalize on the Ripple XRP sale, by buying as much XRP as possible on the cheap. These whales are attempting to take advantage of the massive amounts of XRP being dumped into the markets, in anticipation of potential price increases down the line.
It is uncertain how the Ripple XRP sale will affect the price of the XRP token in the long-term. Newer traders are advised to be prudent when it comes to buying XRP and should consider the inherent risk associated with any type of investment.
