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In its characteristic manner, American blockchain payments firm Ripple Labs Inc. has shuffled more than a billion XRP in the past 24 hours as it makes a defined fund release from escrow. According to snapshots of a series of transfers in and out of the firm’s escrow wallet captured by Whale Alert, the total XRP shuffled is more than one billion.
XRP liquidity and market sentiment
The control of the XRP supply via the escrow model by Ripple Labs has grown to become a customary move to determine the coin’s liquidity. Per Whale Alert, 500 million XRP have been released from escrow in two tranches.
Alex DovbnyaThe first involves 300 million XRP valued at $178,562,099, and the second is a 200 million XRP release, with a monetary valuation of $119,178,067. These two distinct transactions were preceded by at least six others, where Ripple moved from 100,000,000 XRP to 600,000,000 XRP in and out of the wallets it controls.
The market appears unmoved by these escrow transfers as it is not uncommon for the payment firm. At the time of writing, the price of XRP is down by 6.8% in the past 24 hours and is changing hands for $0.5685.
The trading volume is also down at the moment, proof of the diminishing confidence the market is experiencing.
Setting new standard
Historically, Ripple Labs has released about one billion XRP from escrow monthly. This implies that the firm may still initiate more releases in the coming days. For XRP, there is a need to sustain its growth trend as it ended July on a stellar note.
Tomiwabold OlajideThe superficial price metrics might be down for now, but that does not negate the fact that XRP is experiencing one of the strongest bullish sentiments in more than a year.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya