Recent data shows the increase in the XRP whales despite the sell-off.
A crypto tracker revealed as much as 800 million XRP is locked in the Escrow at Ripple
XRP yet struggles to reach $0.25 as it got rejected a couple of times in the past week.
Ripple Locks 800 Million XRP at Escrow
One of the crypto tracker that records the huge and interesting crypto transfers and transactions recently recorded an XRP transaction. According to Whale Alert, nearly 800 million XRP tokens were locked at escrow at Ripple.
The escrow is a feature at the XRP Ledger that enables the user to send conditional XRP payments. These conditional payments called escrows set aside XRP and deliver it later when certain conditions are met.
Moreover, when millions of XRP are locked in by the Ripple in escrow accounts, the release of XRP into the market might be in a controlled environment. Also, the upper limit of the amount of XRP that can be brought in the market can be predetermined. Hence, impacting the XRP price to some extent.
More XRP Whales in the Crypto Space
As the most dominant crypto Bitcoin jumped dramatically over the past couple of days, the majority of altcoins like Ethereum, XRP also followed. While Ethereum managed to touch $400 and XRP touched above $0.25, both got rejected within a small time frame.
Despite the price plunge led by the immense sell-off, the Whales seem to have started accumulating XRP as much as possible. According to a crypto insight provider Santiment, the XRP whales have increased over the past 6 months.
Currently, XRP started with a pretty good push attaining above $0.25 levels but now at the time of reporting, the XRP price plunged down to $0.236 with a price drop of 1.26 percent. However, many analysts predict a pretty good bull chase for the asset by the end of 2020.
Considering the hourly chart of XRP/USD, there is an immense selling pressure being mounted in the market which may shake the XRP price a bit. However, the XRP which is getting accumulated in Ripple can cause a drastic change in the XRP price over time.