Ripple Locks XRP in Escrow Amid Whale Dumps
Today, a significant amount of XRP was locked in escrow by Ripple through two separate transactions. The first transaction involved the locking of 300 million XRP, while the second transaction locked 500 million XRP. In total, these locked tokens are worth $404.86 million. This development has garnered interest from traders and investors in the crypto market.
In addition to the escrow locks, there have also been transfers of XRP to CEXs Bitstamp and Bitso. A wallet address transferred 67.6 million XRP to these exchanges in two separate transactions. These transfers have become more frequent following Ripple’s stake acquisition in these CEXs.
XRP Price Rises
The price of XRP has seen a notable surge of 1.83% in the past 24 hours and is currently trading at $0.5041. However, the weekly chart shows a 1.54% drop, along with a significant monthly plunge of 20.31%.
The increase in price seems to align with the locking of XRP in escrow by Ripple, as these tokens are removed from circulation until certain conditions are met. Market enthusiast XRP Whale expressed optimism for the future of the Ripple-backed token, suggesting that it is poised for a significant increase in value.
Hot Take: Is XRP Ready for a Bull Run?
With the recent locking of a substantial amount of XRP in escrow by Ripple and the ongoing transfers to popular exchanges, many are wondering if this is a sign that XRP is gearing up for a bull run. The market response to these developments has been positive so far, with an increase in price and growing investor interest.
However, it remains to be seen how these factors will impact the long-term trajectory of XRP. As always, it is important to conduct thorough research and analysis before making any investment decisions in the volatile crypto market.
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