#ripple Transfers 3 Billion $XRP Tokens, Raising Market Stability Concerns
Ripple’s XRP token has seen substantial activity over the past 24 hours, capturing significant attention from the crypto community.
#Blockchain tracker Whale Alert reported that 3 billion XRP tokens, valued at approximately $1.5 billion, were transferred in several transactions. This large-scale movement has sparked concerns about potential price impacts.
Ripple Escrow Activities Trigger Market Concerns
- Typically, Ripple releases around 1 billion XRP tokens from its escrow wallet at the beginning of each month. However, this month’s unusual asset movements have surprised the community, leading to various speculations about these transactions.
- Crypto commentator Marty Party noted that the 3 billion tokens represent 5.45% of XRP’s total circulating supply and were transferred between Ripple-affiliated wallets within 30 minutes. Some community members clarified that these movements were standard fund consolidations related to escrow activities. They highlighted that of the 3 billion tokens, 1 billion worth $520 million was unlocked from Ripple’s escrow address.
- Historically, XRP’s price tends to fluctuate in response to Ripple’s escrow releases, often influenced by prevailing market sentiment. Despite a 1% decline in the last 24 hours, XRP’s price remains stable at $0.51, indicating that the recent escrow release has not significantly impacted its performance.
- However, some market experts believe the token release could introduce additional selling pressure, hindering XRP’s potential recovery. Reports suggest Ripple may be preparing for its largest monthly XRP dump since 2017, reserving 400 million XRP tokens worth $208 million for a sell-off in June.
Source - beincrypto.com
