XRP has attracted the attention of crypto investors following remarkable escrow transactions and price fluctuations. On-chain data shows that approximately 80 million XRP was transferred over the weekend, with billions of XRP being escrow locked and unlocked.
These developments have led to increased speculation among market participants about the future of XRP, which is already uncertain due to the ongoing legal dispute between Ripple and the US SEC. Here's a brief report on whale activity and large escrow transactions over the weekend, further increasing XRP's future uncertainty.
80 Million XRP Transfer from Whales
According to Whale Alert data, after 1 billion XRP was released from escrow, 80 million XRP was transferred by XRP whales and 800 million XRP was re-locked. In this process, one whale accumulated XRP while another whale sent XRP to exchanges. This has fueled speculation about the future price movements of the Ripple-backed asset.
At the same time, weekend data shows that 1.2 billion XRP was initially transferred to Ripple. Additionally, 1 billion tokens were removed from unknown wallets, while 800 million XRP was locked in escrow at Ripple. These transactions made the future price movements of XRP even more uncertain.
XRP Price is in the Consolidation Process
At the time of writing, the price of XRP was at $0.5173, down 2.01% in the last 24 hours. The lowest and highest values of the token in the last 24 hours were recorded as $0.5093 and $0.5194, respectively. This indicates a very narrow trading range for the coin. Additionally, the weekly charts show a sideways price movement that keeps crypto market investors on their toes.
On the other hand, Coinglass data shows a 2.30% increase in XRP futures open interest reaching $630.56 million and a 118.50% increase in derivatives market volume reaching $597.14 million. This increase underscores growing investor interest in the asset and increased trading activity in the derivatives market.
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