lIn its latest data released earlier today, whale Alert, a popular blockchain tracker, says that Ripple has released another set of 500 million units of XRP from its escrow. This happened after it was released almost the same amount 24 hours before now. This release is coming at a time when many XRP whales made major transfers.
Ripple locked up 800 million units of XRP in three different transactions. The first phase contained 200 million units of XRP valued at $116.3 million, followed by 500 million XRP valued at $291.2 million, and thirdly, 100 million XRP valued at $58.2 million – all completed on August 1st.
As of August 2nd, Ripple unlocked another set of half of its monthly escrow of 300 million XRP, worth $178.5 million, on and 200 million units of X, RP $119.1 million. Another 500 units of XRP were released on August 3rd and valued at $281.7 million. Ripple has routinely released the XRP in escrow for the past seven years.
Ripple Explains Reasons Behind it’s Routine Releases, Releases More Tokens
In several posts on X, Ripple management explained that the structured release is part of its strategy to encourage institutional customers to use payment services and sustain liquidity in the cryptocurrency and blockchain market. The company still possesses over 4.682 billion XRP in its cold wallet.
Whale Alert data also identified many other major transfers in the last 24 hours. Each identified transaction contained between 20 million XRP to 25 million XRP. Three of these transactions were traced to an anonymous wallet on Binance.
Amongst them are 23.1 million units of XRP worth $13.05 million, 24.02 million XRP worth $13.7 million, and 24.1 million XRP worth a little over$13.4 million. The final transaction on August 3rd was 20 million XRP, valued at $11.7 million, and it moved from an anonymous wallet to a BitGet cryptocurrency exchange.
Whales Massive Transfers Interfere Changes Market Trend
The series of major transfers by XRP whales have been described as a sign of an impending massive bullish movement. This imprecision saw the XRP increase by 6% to hit $0.57 in trading price. The latest increase happened after XRP had dropped by almost 17% by early August.
The price of XRP has also dropped by 3.16% to trade at its previous price of $0.5553. Analysts have remained optimistic about a possible resurgence, as most have started making predictions above $3. But this is on the condition that it must have to cross the critical resistance level before it can reach the predicted height.
Meanwhile, the news of an impending recession in the United States has triggered a strong wave in the global financial market. It has caused quite a change in investors’ behavior across New York, Asia, and the European stock markets.
Market data on Crypto News shows that the Japanese Nikkei 225 hit severely for the first time after the COVID-19 pandemic. It has dropped by 5.8%, while its counterpart, the Topix index, was also affected as it fell to 6.1%.
Global Stock Market Hit By Massive Drop, Technology Industry Affected
Hong Kong’s Hang Seng and Australia’s ASX dropped by 2.1% and 2.5%, respectively. Bitcoin Archive, a cryptocurrency industry influencer, took to his X handle to reveal that over $3 trillion disappeared from the global stock market because of the fear of an impending recession.
The post also revealed that the Bitcoin total market capitalization is barely $1.25 trillion, and about $900 trillion worth of wealth is yet to be explored in the Bitcoin market. Trade indices from Germany’s Dax and the French CAC also weren’t spared in this declining trend, dropping by 2% and 1%, respectively.
The technology industry is in the middle of the market disruption, experiencing a major drop in substantial technology equities. Meanwhile, ASM International shares were also firmly affected, dropping by 13.7%, while ASML’s shares dropped by 9.6%.
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