Data from Whale Alert highlights the massive amount of XRP being released from escrow.
Despite the increased supply following the unlock, XRP is still trading in the green, sparking curiosity.
The on-chain data further fuels speculation about the future price movement of the token.
After experiencing significant volatility in XRP over the past month, the Ripple Labs-backed token seems to have started April on a rather bullish note, trading mostly in the green today, near $0.63. According to insights revealed by blockchain tracking platform Whale Alert, a large number of tokens were unlocked from escrow during the rally witnessed by XRP price, drawing a great deal of attention from traders and investors in the global cryptocurrency market.
XRP Escrow Unlock: The Complete Look
According to data from Whale Alert, a staggering 500 million XRP worth $314.87 million was unlocked in escrow today (April 1). Interestingly, unlike the usual XRP escrow unlocks, today’s massive release was conducted by an unknown address, which is usually done by Ripple.
Meanwhile, the broader crypto market has seen the broader crypto market as this massive unlock seems to have fueled curiosity, in line with XRP’s upward momentum today as it is positioned to be the first custodial unlock of the month despite an increase in supply. It is widely speculated that 500 million more tokens will be unlocked.
Ripple initially announced it was locking 55 billion XRP into escrow and revealed plans to issue $1 billion in XRP every month as a measure to regulate market dynamics for the token. However, the American blockchain payments company has not done so, and the above-mentioned speculation about another large-scale unlock this month has surfaced in the market.
In the interim, the Ripple-backed token has been shrouded in speculation about changes in future price movements as the Ripple-backed token’s on-chain indicators further come into play.
XRP price rises
As of the time of writing, the price of the XRP token has increased by 0.77% in the past 24 hours and is currently trading at $0.6274. Jinjiao Liuqun Jiawei 1816425885 It is worth noting that in the past week and the past month, the token has exceeded $0.63 multiple times and soared as high as $0.7, arousing great interest from investors.
However, derivatives data provided by Coinglass shows that the token’s open interest fell slightly by 0.11%, while trading volume fell by 36.17%. This adds a bearish tone to XRP as investor interest in the asset wanes and trading activity also drops significantly.
The RSI surged to 51 and XRP is neither overbought nor oversold, indicating a neutral sentiment in the market. Furthermore, speculation among cryptocurrency market enthusiasts suggests that bears or bulls may soon take control of the asset.
Despite bearish on-chain factors, XRP is still trading in the green, highlighting the presence of some bullish trends. Meanwhile, cryptocurrency market traders and investors continue to follow the coin extensively, speculating whether a bullish or bearish trend will prevail for the coin in the future.
