[ad_1]
In line with its ongoing strategy initiated in 2017, Labs continued its practice of releasing one billion XRP tokens monthly and returning a significant portion of them to its escrow. This month, the company returned 800 million XRP tokens, worth around $476.7 million, back into escrow after their release. This move is part of Ripple’s strategy to stabilize the price of XRP and is typically followed by retaining about 200 million XRP, valued at $121 million, for operational costs.
The return of the tokens this month involved addresses ‘Ripple 10’ and ‘Ripple 23’, bringing Ripple’s escrow holdings to approximately 40.9 billion XRP. The Whale Alert crypto tracker also detected significant transactions involving XRP. An anonymous investor transferred 18.7 million XRP to Bitso, Ripple’s On-Demand Liquidity (ODL) partner now rebranded as “Ripple Payments”, which is the largest crypto exchange in Latin America and a company that Ripple has invested in. Another anonymous investor moved a substantial amount of 412,890,441 XRP ($248,922,341) between wallets.
These large-scale movements of XRP have been seen as a way for these investors to accumulate more tokens during price dips. Despite these activities and a slight 3% price dip triggered by the monthly release of tokens, XRP’s price has been on an upward trend. Since October 21, when XRP broke the 200-day Exponential Moving Average (EMA) line, the price has surged by nearly 20%. In addition to this, over the last 48 hours and the past week, XRP has seen a price increase of over 6% and over 14% respectively. As of today, XRP is trading at $0.61908 and is the fifth largest cryptocurrency by market capitalization.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
[ad_2]
Source link
(This article is generated through the syndicated feed sources, Financetin neither support nor own any part of this article)
