According to U.Today, American blockchain payments firm Ripple Labs Inc. has moved more than a billion XRP in the past 24 hours as part of a scheduled fund release from escrow. Whale Alert, a blockchain tracking service, captured snapshots of these transfers, revealing that the total XRP shuffled exceeds one billion.
Ripple Labs controls the XRP supply through an escrow model, a customary practice to manage the coin’s liquidity. Whale Alert reported that 500 million XRP were released from escrow in two tranches. The first tranche involved 300 million XRP valued at $178,562,099, while the second tranche released 200 million XRP, valued at $119,178,067. These transactions were preceded by at least six others, where Ripple moved between 100,000,000 XRP and 600,000,000 XRP in and out of its controlled wallets.
Despite these significant escrow transfers, the market has shown little reaction, as such movements are not uncommon for Ripple. Currently, the price of XRP has decreased by 6.8% in the past 24 hours, trading at $0.5685. The trading volume is also down, indicating a decline in market confidence.
Historically, Ripple Labs has released about one billion XRP from escrow monthly, suggesting that more releases may occur in the coming days. Although the current price metrics are down, XRP is experiencing one of the strongest bullish sentiments in over a year, following a stellar performance in July.
