Ripple, a major player in crypto payments, made a surprising move by locking 800 million XRP in escrow accounts on March 1. As reported by Whale Alerts, this strategic decision was implemented through three transactions.
What implications could this have for you? Read on to find out.
Understanding the Transactions
In the first-ever incident, the first transaction involved locking 100 million XRP, valued at $59.48 million, followed by another 200 million XRP, worth $118.94 million, in the escrow wallet. Simultaneously, Ripple secured the last batch for March 2024, amounting to 500 million XRP, valued at $297.65 million.
Read More: Ripple vs SEC: Key Dates to Watch for the Remedies Brief
Ripple’s Unusual Move
Initially missing the 1 billion XRP unlock, the Whale Alert later revealed the release of 500 million XRP on March 1. Notably, a significant unlock attempt the day before faced a transaction error, adding intrigue to the unfolding situation.
The lingering question is whether Ripple plans to unlock the remaining 500 million XRP later in the month to meet the scheduled 1 billion release. This echoes a similar incident in February, where Ripple faced a challenge but resolved it before the month’s end.
Experts Weigh In
Pro-XRP lawyer Bill Morgan weighed in on Ripple’s escrow locks, shaping community sentiment. The positive trading of Ripple-backed XRP coincided with the significant token lock, fueling debates. Morgan suggests that derivatives data is contributing to speculation around XRP’s recent surge past $0.62, attracting global attention.
Also Read: Ripple Price Prediction: Here’s When XRP Price Will Hit $1
As the crypto community eagerly awaits Ripple’s next steps, understanding how XRP tokens are locked and unlocked provides insights into Ripple’s management strategy. Ripple’s actions in the coming days will impact market sentiment and reveal its plans for XRP distribution.