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Ripple has swiftly reacted to maintain XRP market stability by returning 800 million XRP to its escrow accounts within just 24 hours after unlocking 1 billion coins. The move comes as part of their ongoing strategy.
According to data sourced from Whale Alert’s X handle, the 800 million XRP was re-locked through two separate transactions, each involving 400 million XRP.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 400,000,000 #XRP (238,370,064 USD) locked in escrow at #Ripplehttps://t.co/gkz1xtBymT
— Whale Alert (@whale_alert) November 1, 2023
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 400,000,000 #XRP (238,491,794 USD) locked in escrow at #Ripplehttps://t.co/NN5dHUoiSm
— Whale Alert (@whale_alert) November 1, 2023
A closer examination of the data from XRP Scan reveals the process behind this re-locking. The first 400 million XRP was returned to escrow from one of Ripple’s addresses known as ‘Ripple 10.’ This occurred after ‘Ripple 22’ and ‘Ripple 23’ addresses had transferred 400 million XRP to ‘Ripple 10.’
Additionally, the remaining 400 million XRP was moved from ‘Ripple 23’ to ‘Ripple 11,’ where it was placed back into escrow. The total value of the re-locked 800 million XRP at the time was approximately $476.86 million.
With the return of 800 million XRP to escrow, Ripple chose to keep the remaining 200 million XRP from ‘Ripple 22’ to ‘Ripple 1’ liquid. This 200 million XRP, valued at $120.8 million at the time, will be used by Ripple for its day-to-day business operations.
As a result of these actions, Ripple now holds around 40.9 billion XRP in escrow. In its recently published Q3 report, Ripple disclosed that it held approximately 41.3 billion XRP in escrow as of September 30.
Ripple has consistently released 200 million XRP for both October and November 2023, maintaining their conservative approach of returning 800 million XRP for every 1 billion coins released from escrow.
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This move to return 800 million XRP to escrow has had a positive impact on the coin’s price, with XRP showing a 4.1% increase over the past 24 hours, reaching $0.605 according to CoinGecko data.
XRP Surges to $0.60: What’s in Store for November?
XRP, the cryptocurrency native to the Ripple network, has achieved a noteworthy milestone by surging to $0.60, a level not seen since the mid-August market crash. Psychological levels like this hold immense significance in the financial world, often acting as pivotal points where traders and investors exhibit heightened interest, potentially driving increased buying or selling activity.
Breaking through this $0.60 mark after a period of market volatility hints at a change in sentiment among XRP enthusiasts eagerly anticipating a resurgence in the coin’s value.
XRP’s Impressive Comeback
Based on the latest data from CoinGecko, XRP is trading at $0.606379, reflecting a substantial 2.7% gain over the past 24 hours. Over the course of the week, the digital asset has enjoyed a remarkable seven-day rally, surging by 9.2%, bolstering its upward trajectory and bolstering confidence in the cryptocurrency market.
This upward momentum has also triggered heightened activity among XRP whales, influential players with the potential to shape the market’s direction. Recent data from the crypto analytics platform Whale Alert shed light on a significant transaction involving a major XRP whale.
The data revealed an anonymous entity moving a substantial 412,890,441 XRP tokens, valued at approximately $248,922,341, from one wallet to another. Such large-scale movements by influential holders can often set off a chain reaction, piquing interest from smaller investors and contributing to further price fluctuations.
Key Milestones and Challenges Ahead for XRP
Simultaneously, Ripple, the company behind XRP, released its comprehensive market report for the third quarter, highlighting several key achievements during the period. The report noted a notable increase in the number of new wallets, experiencing a surge of nearly 12% to reach a total of 157,936.
Furthermore, the report emphasized the strength of XRP’s trading volume, consistently surpassing the $1 million mark throughout July and August, with some days seeing trading volume range from $20 million to $30 million.
However, the report also pointed out a slight decrease in the overall transaction count, with an 8% drop compared to the previous quarter. While not cause for alarm, this decline underscores the need for continued market analysis and strategic measures to ensure steady growth for XRP.
As Ripple and its native coin, XRP, make significant strides, market observers are closely monitoring various factors that could influence the cryptocurrency’s trajectory in the coming months.
