Ripple’s recent transfer of 200 million XRP has sparked significant interest in the market. Monthly releases from escrow accounts effectively manage the supply of XRP.
According to a report from Whale Alert, 200 million XRP, valued at over $100 million, was transferred today between two undisclosed addresses, marking a substantial transaction in the cryptocurrency space.
Examining data from Bithomp reveals that an address activated back in 2021 with a transfer of 100 XRP, now holds an impressive 7.32 million XRP along with the newly received 200 million tokens. Given its significant holdings and association with Ripple, it is likely owned by the crypto firm.
The sender address, although relatively new and activated through an unidentified transfer, currently holds 70 million XRP, with 5.12 million tokens after today’s transaction. This transfer is presumed to be part of Ripple’s internal fund movement between its wallets.
Ripple employs an escrow mechanism where one billion XRP is released from escrow each month, ensuring a controlled token release and aiming to stabilize prices by limiting supply.
CoinMarketCap data indicates that XRP is currently priced at $0.4819, reflecting a 2.09% increase in the past 24 hours and a 1.44% gain over the last 7 days, suggesting positive market sentiment.
Earlier, CNF reported Ripple President Monica Long’s emphasis on regulatory clarity and substantial trading volume as key factors conducive to a potential XRP ETF in the future.
For more insights into Ripple and XRP, consider subscribing to our newsletter for daily updates on market trends and developments.
