Ripple’s decision to secure a massive 800 million XRP has caught the attention of many in the cryptocurrency world. This is part of Ripple’s plan to control circulating supply and maintain stability in the ever-evolving world of digital currencies.
Meanwhile, this comes at a time when large investors known as whales are making massive trading moves, pouring a massive 67.6 million XRP into the cryptocurrency exchange (CEX).
800 million XRP locked in escrow
In a strategic move unfolding as a monthly program, Ripple has decided to decommission a significant amount of its assets. 800 million XRP in escrow. Calculated decisions by Ripple-based tokens are not simply one-off events, but recurring initiatives that promise to reshape the dynamics of the cryptocurrency landscape.
This monthly program, which locks up a significant amount of XRP, is part of Ripple’s intentional effort to introduce a level of predictability and stability to the market.
67.6 million tokens were discarded.
Whale Alert, a blockchain tracker that continuously monitors on-chain data, shared the transfer of 867.6 million XRP tokens. Interestingly, the ripples were deliberately secured. 800 million XRP Store it in a safe escrow wallet.
At the same time, the XRP Whale engaged in a massive offload, dumping 67.6 million XRP into a cryptocurrency exchange (CEX).
Whale Alert’s data is stored in the wallet address… Tracking Rzn shows 67.6 million XRP moved to CEX over two transactions. Initially, 37.9 million XRP We headed to Bitstamp, a CEX in Luxembourg City. Later in another transaction 29.7 million XRP was transferred to Bitso, a CEX located in Mexico City.
Later in another transaction 29.7 million XRP was transferred to Bitso, a CEX located in Mexico City.
What is of additional interest is that these transfers to Bitstamp and Bitso seem to be occurring more frequently, coinciding with Ripple’s strategic participation in these specific exchanges.
XRP price surges
After this big move, the price of XRP rose 2.04% in the last 24 hours, reaching $0.51. This is good news in the short term. While this surge provided a temporary boost, the weekly chart reflects a 1.54% decline, bringing the monthly decline to an even larger 20.31%.