Ripple moves over $2 billion XRP in a day; Incoming sell-off?
Main Idea
Ripple moved 700 million XRP, valued at over $2 billion, through escrow transactions as part of its supply management strategy, while XRP's price dropped amid broader market weakness and whale sell-offs.
Key Points
1. Ripple transferred 700 million XRP in three tranches (100M, 500M, 100M) on August 2, re-locking them into escrow to manage circulating supply.
2. XRP's price fell over 7% in 24 hours, losing the $3 support level, with whales offloading 710 million XRP during the same period.
3. Ripple CEO Brad Garlinghouse sold $200 million in XRP near its peak price of $3.84, following a pattern of large sales in previous years.
4. The SEC delayed decisions on Grayscale and Bitwise XRP ETF applications until at least September 2025, impacting market sentiment.
5. Ripple's monthly escrow system typically unlocks 1 billion XRP, re-locking 700-800 million to control supply, with around 300 million retained this month.
Description
Blockchain company Ripple moved 700 million XRP , valued at over $2 billion, on August 2 through a series of high-volume escrow transactions. The transfers occurred in three tranches, including 100 million XRP, 500 million XRP, and another 100 million XRP. Each was subsequently re-locked into escrow, according to on-chain data shared by blockchain tracker Whale Alert. These movements align with Ripple’s long-standing strategy to manage XRP’s circulating supply and form part of its broader monthl...
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