Ripple Unlocks 500 Million XRP After Locking 800 Million XRP On August 1

According to Whale Alert, a well-known blockchain tracker, Ripple has released another 500 million XRP from escrow, following the release of the same amount just a day earlier. This development comes amid several significant XRP transfers by whales.

On August 1, the company locked 800 million XRP in three transactions. The first was 200 million XRP ($116.3 million), the second was 500 million XRP ($291.2 million), and the third was 100 million XRP ($58.2 million).

On August 2, Ripple released half of its monthly escrow releases in a 300 million XRP ($178.5 million) transaction and a 200 million XRP ($119.1 million) transaction.

This release was followed by an additional 500 million XRP, transferred on August 3. The recent release was done in one transaction, valued at approximately $281.7 million.

Ripple has consistently conducted monthly releases of XRP from escrow for the past seven years. These releases are part of the company’s strategy to maintain liquidity in the market and support its institutional clients involved in payments. The company still holds approximately 4.682 billion XRP in its cold storage wallets.

Whales Moving in the XRP Community

In addition to the substantial XRP releases by Ripple, Whale Alert identified several other significant transfers over the past 24 hours. Four transactions were observed, each carrying between 20 to 25 million XRP.

Three of these transactions involved transfers from Binance, the largest cryptocurrency exchange, to anonymous wallets. These transfers included a 23.1 million XRP ($13.05 million) transaction, a 24.02 million XRP ($13.7 million) transaction, and a 24.1 million XRP ($13.4 million) transaction.

The final transaction was a transfer of 20 million XRP ($11.7 million) from an anonymous wallet to the BitGet exchange. These whale transactions might be a sign of good things, as the whales might anticipate a massive upturn for XRP.

XRP Surges Following Escrow Release

Following these transactions, XRP saw a significant increase of almost 6%, reaching $0.57. This rise occurred after XRP experienced a decline of nearly 17% since the beginning of August. However, XRP has fallen again, dropping 3.18% to its current price of $0.5553.

Despite this, analysts are confident of a resurgence, as one notable analyst recently predicted a surge to $3 and revealed the crucial resistance level XRP must surpass to begin that journey.

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