One billion XRP on the move – Ripple unlocks more funds

XRP

Data tracked by the Whale Alert system indicated that Ripple has unlocked one billion XRP coins. Why did this take place and where did they go? Let’s check!

Escrow releases more XRP

February 1 turned out to be a typical first day for the Ripple company, every month thereafter. This is when more XRP coins are automatically released from the Escrow wallet. The rule worked well this time, too. Whale Alert, a system that focuses on tracking large cryptocurrency transactions, recorded transfers around XRP as early as midnight. Three independent transfers were thus made, which released 300 million, 200 million and finally 500 million XRP, respectively. The total value of the coins transferred at that point was nearly $405.4 million.

All movements from the Escrow wallet went to two unknown wallets. Most likely, both belong to Ripple. 

In recent months, the Silicon Valley company has accustomed us to seeing a large portion of unblocked coins returned back to the blocked account. The deposit was credited with amounts as high as 80% of the total funds released. The remainder, in turn, was used to meet the company’s daily expenses and operations.

What’s next for the released XRP?

In the first dozen hours or so after the release of the coins, there were no specific transactions around the portfolios into which the funds flowed. They were not even transferred to entities using the Ripple On-Demand Liquidity (ODL) solution. Movements between the portfolios and the exchanges were also not recorded. This could mean that the company has enough resources to cover its current expenses, and the newly freed funds can wait for the XRP price to rise. 

Meanwhile, exactly 17 hours later, Whale Alert traced two more transactions. They indicate an inflow of 600 million XRP into the Escrow portfolio.

Looking at the details of these transactions, one can see that they come from exactly those wallets that were infused the same day. Thus, the tradition of recent months of re-blocking released assets in the Escrow wallet has been upheld.

XRP is playing out a similar pattern that occurred with BTC

Just before the January increases began, Bitcoin managed to figure out an Adam & Eve pattern. This is a way of marking a double bottom. A very similar shape has currently taken the chart of XRP.

XRP

Here we are currently observing a struggle to break through a wide resistance zone, located between $0.41 and $0.45. Its overcoming may open the way for XRP to reach much higher valuations. 

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

Ripple

Expert predicts Ripple IPO date

Wall Street financial expert Linda Jones has shared details of Ripple’s anticipated IPO date. Her analysis indicated potential dates, but the current market context and regulatory aspects…
All articles loaded
No more articles to load

Learn

Leveraged trading

Leveraged trading

The cryptocurrency market moves quite fast and offers the public the opportunity to make a lot of money in a…
XRP

How to buy XRP?

Our articles explain a lot about Ripple (XRP). This time we explain how to buy and store the XRP tokens.…
Bitcoin

How to buy Bitcoin (BTC)?

Bitcoin (BTC) is the most popular cryptocurrency in the world. In 2021, as much as 11% of Americans claimed to…
Bitcoin ETF

Bitcoin ETF

The year 2020 was the time when Bitcoin (BTC) attracted institutional interest. It became a serious subject of discourse among…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive…
All articles loaded
No more articles to load