- Anonymous wallet sends 27.7M XRP to Bitstamp.
- Ripple’s strategic move influences XRP market dynamics.
- New Year, new strategy: Ripple unlocks and locks back a billion XRP.
In a significant move detected by the Whale Alert platform, renowned for monitoring large cryptocurrency transfers, a substantial amount of XRP totaling 27,700,000 coins valued at $17,264,639 was transferred to the Bitstamp cryptocurrency exchange. The transfer, initiated by an anonymous wallet, occurred approximately 17 hours ago, raising eyebrows within the crypto community.
Interestingly, the source of this massive XRP transfer has been traced back to Ripple Labs, the blockchain giant. The sender’s wallet has been identified as affiliated with Ripple Labs, pointing to a substantial sale of XRP by the company. The timing of this transfer coincided with a noteworthy surge in the XRP price, which experienced a 4.81% increase over the last 24 hours. However, a slight dip was observed earlier today, with XRP currently trading at $0.63244 per coin on the Bitstamp exchange.
Ripple’s Planned Release of a Billion XRP Marks the New Year
In a strategic move at the beginning of the new year, Ripple Labs executed the programmed release of one billion XRP from escrow. This ongoing practice, initiated in 2017, aims to boost XRP liquidity in the cryptocurrency market. Ripple consistently releases one billion XRP each month, with the intent to discontinue the process upon reaching the 55 billion XRP allocated for this purpose.
Interestingly, the released XRP doesn’t remain in circulation entirely. Ripple typically locks back a significant portion, with 700 million to 800 million XRP returning to escrow until the next release. This month’s release on January 1 saw three transfers of 500 million, 400 million, and 100 million XRP, amounting to $305,711,372, $244,569,098, and $61,142,274 in fiat, respectively.
Concurrently, on the same day, 500 million XRP and 300 million XRP were returned to escrow, continuing Ripple’s strategic management of XRP liquidity. As the crypto community closely watches Ripple’s movements, the recent surge in XRP price and the substantial Bitstamp transaction contribute to the ongoing narrative of Ripple’s impact on the cryptocurrency market.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.