XRP Price Surges After Ripple Escrow Withdraws 1 Billion XRP Tokens
- After the escrow release, whales transferred over 218m XRP between several wallets
- With Ripple’s unlocking of XRP tokens, almost 51 billion XRP tokens reached the market
Ripple, the currency exchange and remittance network, has unlocked 1 billion XRP( Ripple’s native cryptocurrency) tokens in multiple transactions from Escrow accounts. The amount of XRP withdrawn was approximately worth $378 million at the USD exchange rate.
As a result, almost 51 billion XRP tokens reached the market which could settle up to 51% of the overall supply of the tokens. Notably, over the past few weeks, due to the pending summary judgment in the recent XRP lawsuit, Ripple’s XRP price had been inert.
However, after the escrow release, whales transferred over 218M XRP between several wallets with a current rate value of $75.3M. Accordingly, in single transactions, Whale scooped around 32 million XRP tokens considering the beneficial environment. Interestingly, $12.28 million worth of XRP tokens were added by an unknown whale address from the Bitso crypto exchange recently.
In addition, to dump its holding, around 41 million XRP tokens were shifted by a whale to the Bitstamp crypto exchange. Currently, the whale has transferred around $15.88 million worth of XRP tokens.
Furthermore, on a Year to date (YTD) basis the XRP price has soared by around 12%. Over the past 24 hours, the XRP token price has dropped considerably. At press time, the trading of the XRP tokens was done at an average price of $0.37. Moreover, the 24-hour trading volume of Ripple’s XRP tokens has declined by 14% to hit $846 million.
Even though Ripple’s native token had to face a lawsuit from US Securities and Exchange Commission (SEC), the XRP native token was detained. Furthermore, the announcement of the US district court’s judgment in favor of Ripple or the US SEC, could determine the XRP price’s stability. With a market cap of around $19.2 billion, XRP is still considered the 6 largest crypto.