San Francisco-based blockchain company Ripple Labs has recently released a large amount of XRP from its escrow accounts. On August 1-2, Ripple released a total of 1 billion XRP. An additional 500 million XRP was released today. According to Whale Alert data, the released 500 million XRP is worth approximately $281 million, while the total value of 1 billion XRP is calculated to be approximately $563 million.
This move by Ripple Labs is considered as part of the company's strategy to increase liquidity in the XRP market and meet the demands of its corporate customers. In the last few days, Ripple released another 500 million XRP after 1 billion XRP; The value of this amount was approximately 281 million dollars.
Significant Movements and Price Increase in XRP
Along with Ripple's large XRP transfer, significant XRP movements were observed around the world. According to Whale Alert, approximately 71.2 million XRP was transferred from Binance to unknown wallets in the last 24 hours, with the total value of these transfers being $40.1 million. Additionally, there was a transfer of 20 million XRP, or approximately $11.6 million, from an anonymous wallet to BitGet.
Following these movements, there was a significant increase in the price of XRP. It increased by 5.66% in 24 hours and reached $0.57. However, this rise is remarkable, considering that XRP has experienced a decline of approximately 17% since August 1. After initial fluctuation, the price has stabilized and is currently trading at approximately $0.56714.
Ripple's 2024 Q2 Market Report
Ripple's recently published 2024 Q2 Market Report provides detailed information about the company's activities and the performance of XRP. The report states that there is a total of 4.682 billion XRP in Ripple's cold wallets. It is also stated that 39.5 billion XRP is kept in escrow accounts, in line with Ripple's plan to lock 55 billion XRP in 2017 and release 1 billion XRP monthly.
Ripple CTO David Schwartz states that they are exploring various strategies to use the released XRP, including options to destroy XRP or incentivize partners. However, as XRP prices increased, Ripple found that it was more feasible to sell XRP and manage its impact on the market and keep some of it locked up. This approach aims to manage market dynamics and partner incentives in a balanced way.
Market Fluctuations and Trading Activity
The Q2 report also highlights XRP's volatility; Volatility, which was above 90% for most of the period, later dropped to 45%. Although trading activity on the XRP Ledger has decreased slightly compared to the previous quarter, Ripple has remained committed to growth and recently announced its own stablecoin.
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