- March 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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Ripple’s Escrow Activity and XRP Value Increase
Ripple made a significant move by putting a large volume of XRP into escrow, right after releasing 1 billion XRP from escrow the day before.
This action has garnered attention as the value of XRP surged past $0.62. It signifies a pivotal moment in Ripple’s strategy concerning its cryptocurrency holdings.
The blockchain tracking service Whale Alert reported three transactions where Ripple placed 800 million XRP into escrow. These transactions included transferring 200 million coins valued at about $118.94 million, 100 million coins worth around $59.48 million, and an additional 500 million coins equating to about $297.65 million. The intention behind this move is believed to be regulating the supply of XRP in the market.
These escrow activities coincided with a noticeable increase in the price of XRP, surpassing the $0.62 mark. Observers are closely monitoring these developments as they perceive Ripple’s actions as influencing the dynamics and supply of XRP in the market.
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Bill Morgan, a legal professional supportive of XRP, shared his views on Ripple’s escrow activities on social media platform X. He observed a shift in community sentiment towards Ripple’s actions, with a more positive outlook on the potential impacts of these moves on XRP’s standing and value globally.
As of the latest report, XRP has seen a 6.62% price increase in the last 24 hours, trading at $0.6342. This surge in value is attributed to Ripple’s escrow transaction, which has reduced the available supply of XRP, influencing its market price.
Furthermore, data from derivatives markets analyzed by Coinglass indicates a significant influx of new investments, with an 11.64% rise in open interest. This points to the recent activities around XRP and Ripple not just impacting the cryptocurrency’s price but also attracting new capital to the sector.
Despite these positive developments, there are indications of a possible consolidation phase following the recent surge in price.
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