Ripple Unlocks 200 Million XPR to Start September: Whale Alert
- Ripple unlocked millions of XRP from its escrow wallet in its usual monthly fashion.
- XRP’s price fell by 4.16%, after facing rejection at $0.54 and losing support at $0.52.
- With increasing distribution, XRP may fall as low as $0.45 unless buying pressure appears.
According to whale tracking handle Whale Alert, Ripple (XRP) has unlocked 200 million XRP tokens. The activity is one that market participants may be familiar with especially as the blockchain firm does it every month.
The locking of XRP in escrow wallets dates back to 2017. For Ripple, the goal of locking XRP gradually is to prevent the devaluation of the cryptocurrency. So, when the XRP tokens are unlocked from the escrow accounts, it helps to cushion the liquidity of the cryptocurrency in circulation.
— Whale Alert (@whale_alert) September 1, 2023
Increased Circulation, More Decline
While unlocking XRP tokens monthly is not a strange strategy, the effect on the XRP price action has mostly been negligible. This time, XRP was not able to maintain consolidation. According to CoinMarketCap, the value of XRP…
The post Ripple Unlocks 200 Million XPR to Start September: Whale Alert appeared first on Coin Edition.
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Ripple Unlocks 200 Million XPR to Start September: Whale Alert
- Ripple unlocked millions of XRP from its escrow wallet in its usual monthly fashion.
- XRP’s price fell by 4.16%, after facing rejection at $0.54 and losing support at $0.52.
- With increasing distribution, XRP may fall as low as $0.45 unless buying pressure appears.
According to whale tracking handle Whale Alert, Ripple (XRP) has unlocked 200 million XRP tokens. The activity is one that market participants may be familiar with especially as the blockchain firm does it every month.
The locking of XRP in escrow wallets dates back to 2017. For Ripple, the goal of locking XRP gradually is to prevent the devaluation of the cryptocurrency. So, when the XRP tokens are unlocked from the escrow accounts, it helps to cushion the liquidity of the cryptocurrency in circulation.
— Whale Alert (@whale_alert) September 1, 2023
Increased Circulation, More Decline
While unlocking XRP tokens monthly is not a strange strategy, the effect on the XRP price action has mostly been negligible. This time, XRP was not able to maintain consolidation. According to CoinMarketCap, the value of XRP…
The post Ripple Unlocks 200 Million XPR to Start September: Whale Alert appeared first on Coin Edition.
Read More
TRUMP Token Faces Ethics Probe, Price Collapses From $75 to $11