After receiving 2 billion XRP from two unidentified wallets, Ripple put 1.2 billion of the coins in escrow, leaving 800 million of them unlocked.
XRP’s price dropped by 1.5% this morning to $0.5494, coinciding with a 2% decline in the cryptocurrency market today.
Even though XRP is currently the seventh-biggest token on the market and has increased by 11% over the last year, it has decreased by 8% over the last week and 3% over the last 30 days.
Intriguing transfers have occurred over the last 24 hours involving Ripple. The company has received 2 billion XRP from two unidentified wallets, with half of that amount coming from escrow.
Even though Ripple has returned 1.2 billion XRP to escrow, 800 million tokens remain unlocked, indicating that considerable price movement may be imminent.
Unknown Wallets Send 2 Billion XRP to Ripple – Could an Explosion in Prices Be Caused by This Massive Release?
Yesterday witnessed three transactions which unlocked 1 billion XRP from escrow, coming from two unknown wallets.
Interestingly, Whale Alert data reveals that four different transactions later in the day, Ripple received an additional 1 billion XRP from these same two wallets.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 400,000,000 #XRP (221,319,511 USD) transferred from unknown wallet to #Ripplehttps://t.co/emt9TAdvsd
— Whale Alert (@whale_alert) September 1, 2024
In fact, things get even more interesting, since Ripple then proceeded to lock 1.2 billion XRP in escrow (here, here and here), meaning that these tokens are unlikely to reach the market and sell anytime soon.
However, it now seems that Ripple has 800 million XRP available, suggesting that it may sell this quantity soon.
This possibility is reflected in its current chart, as its indicators have been weak for more than a week.
But just because Ripple has 800 million XRP that is not in escrow does not mean it plans to sell these tokens; in fact, the coin’s indicators point to the possibility of a significant rebound.
For example, its relative strength index (purple) increased from 30 this morning to 50 and appears to have room to rise even higher.
In addition, its 30-period average (orange) has bottomed out in comparison to the 200-period average (blue), suggesting that price increases are likely to occur.
Furthermore, given that XRP’s resistance (red) and support (green) levels are almost equal, a significant development may occur shortly.
A positive movement may become likelier when the FOMC meets on September 17 and 18, which is when analysts increasingly expect the central bank to finally introduce rate cuts.
All cryptocurrency prices will rise as a result, with the price of XRP probably benefiting the most.
It could hit $0.7 by November, before potentially ending the year at around $0.85.