Ripple decided to lock away a massive 800 million XRP, catching the attention of many in the cryptocurrency world. This is part of Ripple’s plan to control the circulating supply and maintain stability in the ever-evolving world of digital currencies.
Meanwhile, this has come at a time when big investors, known as whales, are making some hefty transaction moves, as they just dumped a huge 67.6 million XRP on cryptocurrency exchanges (CEXs).
800 Million XRP Locked in Escrow
In a strategic move that unfolds as a monthly program, Ripple has decided to lock away a substantial 800 million XRP into escrow. This calculated decision by the Ripple-backed token is not merely a one-time event but rather a recurring initiative that promises to reshape the dynamics of the cryptocurrency landscape.
This monthly program of locking away a significant quantity of XRP serves as a deliberate effort by Ripple to introduce a level of predictability and stability to the market.
67.6 Million Tokens Dumped
The blockchain tracker Whale Alert, which continuously monitors on-chain data, shared the transfer of an impressive 867.6 million XRP tokens. Interestingly, ripple intentionally secured 800 million XRP in a secure escrow wallet.
At the same time, XRP Whale engaged in a significant offloading spree, dumping a staggering 67.6 million XRP onto cryptocurrency exchanges (CEXs).
Whale Alert’s data tracked the wallet address …Rzn, showing that it moved 67.6 million XRP to these CEXs through two transactions. Initially, 37.9 million XRP found its way to Bitstamp, a CEX in Luxembourg City. Subsequently, in another transaction, 29.7 million XRP was transferred to Bitso, a CEX located in Mexico City.
Subsequently, in another transaction, 29.7 million XRP was transferred to Bitso, a CEX located in Mexico City.
What adds an extra layer of interest is that these transfers to Bitstamp and Bitso seem to be happening more frequently, coinciding with Ripple’s strategic involvement with these specific exchanges
XRP Price Surges
After all these big moves, the price of XRP went up by 2.04% in the last 24 hours, reaching $0.51. That’s good news in the short term. While this surge provided a momentary boost, the weekly chart reflects a 1.54% drop, accompanied by a more substantial 20.31% monthly plunge.
