XRP Slips Below $0.58 As Ripple Transfers 1B XRP And Releases 500M Tokens From Escrow
The blockchain payment company Ripple recently completed a series of XRP token transactions. The firm transferred 1 billion XRP tokens and locked 800 million of them.
Afterward, it released 500 million from its escrow account for August. These chain transactions have dragged XRP's price below the $0.58 region.
Ripple's Flow Of Transactions And Escrow Release For AugustRipple, the San Francisco-based company behind XRP, has completed several transactions, including its monthly escrow release. Whale Alert, a prominent on-chain whale tracking platform, provided the details of Ripple's recent transactions.
- Whale Alert (@whale_alert) August 2, 2024
Moreover, Ripple's recent transactions reflected complex web flow involving several wallets.
Ripple initiated the first two transactions from its wallet address rw2..3wY on August 1, between 17:13 and 17:16 UTC. It transferred 500 million of this source address to two other wallets associated with the company.
From the 500 million XRP tokens, Ripple sent 200 million to its address 1Bg..91m and 300 million coins to rDd..eCK.
A few minutes later, the company used another wallet, rDq...EsF will move an additional 500 million XRP tokens. This time, the recipient address, rKD..2op, is another Ripple-related wallet.
However, the recipient address, rKD..2op, locked up the 500 million XRP coins it received in escrow at 17:29 UTC. The wallet address rDd..eCK, which received 300 million XRP, has locked the coins in escrow.
These transactions suggest that within 20 minutes, Ripple released 1 billion XRP tokens but later locked up 800 million coins in escrow.
The usual Ripple's monthly escrow release for August occurred seven hours after the earlier transactions.Further, on August 2, Ripple unlocked 300 million XRP tokens from escrow to wallet rw2..3wY at 00:16 UTC.
Two minutes after the first escrow unlock, the company released an additional 200 million XRP into address rw2..3wY. The two escrow transactions unlocked 500 million XRP coins to the same Ripple wallet address.
- Whale Alert (@whale_alert) August 2, 2024
Moreover, the recipient account, rw2..3wY for escrow releases, was Ripple's source address for transferring 500 million XRP coins to two destinations. So, it seems the firm used the escrow to replace the address's balance, harboring 500 million XRP tokens.
XRP Price Slips Below $0.58XRP's price has plummeted below the $0.58 threshold, coincidentally with Ripple's multiple coin transfers. Though XRP outperformed most assets on July 31 as it hit $0.65, it has lost all reclaimed value. The Bulls failed to defend the critical resistance level at $0.65, resulting in its backward slip.
The token has declined by 6.31% and 4.56% over the past 24 hours and seven days, respectively. XRP is still -85% down from its all-time high (ATH) of $3.84 in 2018. Its market cap currently sits at $32.14 billion, while its trade volume dropped by 1.88% to hit $1.95 billion.
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