Ripple’s native crypto, XRP, riding high on positive sentiments might encounter a minor resistance ahead as the blockchain firm unlocks its escrow. The token unlock might have been a monthly procedure opted for by Ripple but this process often reflects a price correction. However, XRP price is down by 2% over the last 7 days.
Ripple unlocks 1 billion XRP
In the latest move, Ripple unlocked another 1 billion XRP from its escrow account. This unlocks marks the blockchain’s escrow balance below 40 billion XRP. Reports suggest that Ripple decided to extend the final escrow deadline to April 2027, while, its earliest plan was to release one billion XRP each month for 55 months.
WhaleAlert reported that Ripple unlocked 1 billion in three different transactions. The biggest transaction recorded by the tracker has been moving 500 million XRP (approx worth $301 million) from escrow.
However, data depicts that crypto whales were also making several movements around the latest XRP unlock.
Crypto whales on the move
As per the data, whales moved around more than 78 million XRP (approx worth $47.5 million) around exchanges in the last 24 hours. Two whale wallets went on to dump over 51 million XRP (approx worth $31 million) just before the scheduled unlock.
One whale dumped 26 million XRP (approx worth $15.6 million) on the Bitso crypto exchange, while, the other whale moved 25.8 million XRP (approx worth $15.5 million) to Bitstamp crypto exchange to sell.
Data depicts that a crypto whale added $16.4 million worth of 27 million XRP tokens in a single transaction from the Binance crypto exchange.
XRP price has managed to surge by 17% in the last 60 days. It is trading at an average price of $0.611, at the press time. Its 24 hour trading volume is down by 12% to stand at $913 million.
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