Ripple News: XRP Price Jumps after Escrow Moves, Whales Offload Millions

Ripple has made a significant move, deciding to lock away a substantial 800 million XRP, creating a buzz in the cryptocurrency community. This strategic decision is part of a recurring monthly program. Ripple’s strategy involves a monthly program where a considerable amount of XRP is locked away into escrow. This intentional step aims to bring predictability and stability to the often unpredictable cryptocurrency market.

At the same time, amid Ripple’s strategic locking, large investors or ‘whales’ have made significant moves in the market, offloading a hefty 67.6 million XRP onto cryptocurrency exchanges (CEXs), causing a stir in the crypto space.

Tracking Whale Moves

Whale Alert, a blockchain tracker monitoring on-chain data, reported an impressive transfer of 867.6 million XRP tokens. Ripple intentionally secured 800 million XRP in a secure escrow wallet, emphasizing its commitment to a controlled supply.

Also Read: Ripple Hack Update: Here’s What Happened To Stolen XRP Tokens

Massive Offloading

Simultaneously, an XRP Whale engaged in a notable offloading spree, moving 67.6 million XRP onto CEXs. Whale Alert’s data traced the transactions, with 37.9 million XRP sent to Bitstamp in Luxembourg City and 29.7 million XRP to Bitso in Mexico City.

Adding an extra layer of interest is the apparent frequency of transfers to Bitstamp and Bitso, aligning with Ripple’s strategic involvement with these specific exchanges.

Market Response: Price Surge and Trends

Following these significant moves, the price of XRP saw a 2.04% surge in the last 24 hours, reaching $0.51. While this short-term boost is promising, the weekly chart reflects a 1.54% drop, accompanied by a more substantial 20.31% monthly plunge.

Read More: Ripple News: CEO Assures System Security Post $112M XRP Hack