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Ripple Locks Away 800 Million XRP In Escrow, Impact On Price?

Ripple Labs, a leading American-based payment firm has locked away a substantial amount of XRP tokens in its escrow wallet as part of its monthly unlock program to help bolster its ecosystem and XRP.

Ripple Takes Back 800 Million XRP 

A recent report from on-chain tracker Whale Alert revealed that Ripple took back about 800 million XRP tokens. This is no surprise, as the stated transaction has been a recurring outcome by the payment firm.

The payment firm locked the aforementioned funds after its monthly 1 billion XRP release, which has caught the attention of the crypto space. According to Whale Alert, the firm carried out the transaction in two distinct transfers. 

For the first transaction, Ripple locked away 500 million XRP tokens, valued at $253 million at the time of the report. Data from XRPScan shows that the 500 million XRP were initially transferred from “Ripple 23” to “Ripple 11” wallets before they were locked away.

Meanwhile, the second transaction saw 300 million XRP valued at about $151 million being transferred to the company’s escrow wallet. Whale Alert revealed the transaction was carried out by another wallet address identified as “Ripple 10,” according to data from the XRPScan. 

The firm has been releasing XRP from its escrow holdings every first day of the month. This process is a component of Ripple’s strategy to regulate the amount of XRP in circulation and uphold stability in the dynamic world of digital assets. 

After making up 55% of all XRP supply at first, the escrow accounts now own 40.7% of the supply. This is a result of the progressive unlocking process since it began in December 2017.

As of December 2017, the firm held 55 billion XRP as part of the escrow system initiative, which was mostly implemented on the XRP Ledger (XRPL).

XRP Whales On Dumping Spree

Whale Alert has also detected a substantial dump of XRP on cryptocurrency exchanges (CEXs). Whale Alert reported that over 67 million XRP was observed being moved to Bitso and Bitstamp platforms.

Further data shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn transferred 37.9 million XRP to a Bitso-based wallet address. As of the time of transfer, the funds were valued at approximately $19 million.

Later on, 29.7 million XRP was moved to Bitstamp, a Luxemburg-based crypto exchange, in a separate transaction. According to the tracker, the same wallet address carried out the transaction worth about $15 million. This particular wallet address has been carrying out this type of transaction to the CEXs for a while now. It is believed that this might be due to Ripple’s strategic partnership with these centralized exchanges.

The price of XRP is still down by over 2% in the past week, trading at $0.505. Its market capitalization is currently up by 2%, but its trading volume has decreased by over 36% in the past 24 hours.

Ripple

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Was 50% Of XRP Supply Sent To Bitfinex? Separating Facts From Fiction

A transaction involving a whopping 25.6 billion XRP (valued at nearly $15 billion), nearly half of the total circulating supply of approximately 54.26 billion, raised alarm within the crypto sector in the late evening of January 14. The transfer was reported to have originated from an unknown wallet to the cryptocurrency exchange Bitfinex.

Were 25.6 Billion XRP Really Moved?

However, further investigation revealed this to be a failed attempt at exploiting the “Partial Payments” function of the XRP Ledger, as confirmed by Paolo Ardoino, Chief Technology Officer (CTO) at Bitfinex.

The incident first came to public attention when Whale Alert, a renowned blockchain tracking platform, reported the massive transaction on X. This initial report, which was later retracted, created a stir in the market, raising concerns over a potential security breach in the XRP Ledger that could severely impact XRP’s market price.

Whale Alert acknowledged the error in their reporting with a clarification: “There was an issue with properly reading the Ripple node response, resulting in a few wrong posts. We fixed the issue.” Paolo Ardoino, who also holds the position of CEO of Tether, provided further insight into the incident, stating: “Someone attempted to attack Bitfinex via ‘Partial Payments Exploit’. Attack failed since Bitfinex properly handles the ‘delivered_amount’ data field.”

Ardoino also referenced a section on xrpl.org that explains partial payments in detail. This feature of the XRP Ledger allows a sender to enable a “Partial Payment” flag, resulting in the delivery of an amount less than what is indicated in the Amount field.

The exploit lies in the ability to manipulate this feature to deceive exchanges and gateways. The crucial factor in preventing such exploits is for platforms to use the ‘delivered_amount’ metadata field, rather than the Amount field, to determine the actual amount transferred.

In this particular case, the attacker only sent 16 XRP – a stark contrast to the reported 25.6 billion XRP. This small transaction triggered an alert to the on-chain monitoring system due to the way the Whale Alert systems process and report transactions.

Attacker Tried Other Exchanges As Well

Additionally, blockchain data revealed that similar failed attempts were made on other prominent cryptocurrency exchanges. Binance faced an attempted transfer of 58.9 billion XRP, and Bitstamp was targeted with a 26,200,000 XRP transfer. These transactions, like the one aimed at Bitfinex, were part of the exploiter’s strategy and did not result in the transfer of significant sums of the cryptocurrency.

At press time, the market price of XRP showed resilience against these incidents, maintaining stability at $0.58. Nevertheless, the XRP bears showed their strength again with yesterday’s weekly close. The price closed below the critical resistance of the 0.5 Fibonacci retracement level at $0.59. However, the bulls at least managed to defend the 200-day exponential moving average (EMA).

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XRP Whale Makes Massive Transfer Amidst Price Volatility

In light of recent developments in the crypto market, XRP has once again garnered the attention of investors and the community as the crypto asset has witnessed yet another massive whale activity.

XRP Whales Moves Over 50 Million Token To CEXs

A recent report revealed that an XRP whale recently moved over 50 million tokens to cryptocurrency exchanges. On-chain data shows that the whale has been making this kind of transaction over the past few weeks.

Interestingly, these whale transactions have created a whirlwind of speculation among worldwide crypto market enthusiasts after they surfaced during the token’s price decline.  According to data from the on-chain tracker Whale Alert, the whale transferred 50.7 million tokens to centralized exchanges (CEX).

Whale Alert has revealed that the aforementioned funds were transferred to CEXs in two separate transactions. The whale transactions occurred amidst the token’s downward movement raising speculation on its effect on XRP’s price.

The on-chain tracker reported that the first transaction saw a whopping 26 million XRP tokens valued at approximately $15.22 million. Data shows that the unknown address identified as r4wf7enWPx…5XgwHh4Rzn moved the tokens to the Mexican-based crypto exchange Bitso.

Meanwhile, the second transaction moved 24.7 million XRP tokens valued at about $14.68 as of the time the transfer was made. The same wallet address mentioned above had transferred the funds to another crypto exchange Bitstamp.

It is noteworthy that the aforestated wallet address has been orchestrating this kind of transaction to the CEXs for a while now. Last week, Whale Alert detected the wallet address transferring over 48 million XRP tokens to Bitstamp and Bitso.

In less than two weeks, the wallet address has moved over 138 million tokens to the cryptocurrency platforms. With the current price of the digital asset, this is valued at over $79 million.

The Crypto Asset Poised For A Significant Upswing

On Wednesday, the entire crypto market experienced a notable disruption which saw XRP falling close to its October lows of $0.50. Despite the significant price drop, cryptocurrency analyst Egrag Crypto has expressed bullish sentiments about the crypto asset.

Egrag has recently shared bold predictions for the asset on the X (formerly Twitter) platform. The crypto analyst pointed out that the token’s price is currently getting ready for an upswing.

XRP

He noted an August scenario where XRP reached the lower boundary of its channel during the 1 billion liquidation across crypto. “Now, after five months, it is going back to that zone with another aggressive 1 billion liquidation,” he stated.

He highlighted that the asset’s bulls have been steadfast in “defending this channel,” not allowing anything to stop them from “buying into the dip.” He asserted that the bulls have maintained the price above the “Val Hell Line,” preventing a “daily candle” close below it.

So far, Egrag has pointed out “a slight retest” around the $0.55 appears to be “pretty standard” market behavior.

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XRP Whales Moves $47 Million To Exchange, As Price Dips

XRP whales are on the move again, as on-chain data reveals that the crypto asset has witnessed a massive whale activity in the past day, which has led investors and the crypto community to ponder on the reasons behind these large transactions.

Whale Transfers 47 million XRP To Cryptocurrency Exchanges

A report has shown that a whale has shifted approximately 47 million XRP tokens to crypto exchanges. Data from the on-chain tracker Whale Alert revealed the funds were moved to centralized exchanges (CEXs) in two distinct transfers. 

The two whale transactions came in light of the token experiencing a price decline. The first transfer saw about 24,800,000 XRP tokens valued at $15,463,840 being moved to the crypto exchange Bitso. Data from the on-chain tracker shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn made the move 11 hours ago.

The second transaction shifted about 23,800,000 XRP which was valued at $14,840,298 at the time of transfer. Whale Alert reported that the same wallet address mentioned above also made the transfer to another crypto exchange Bitstamp.

This is not a surprise as the stated wallet has been making such huge transfers to both Bitso and Bitstamp exchanges. On Wednesday, December 27, the same wallet address was reported moving over 49 million XRP to the centralized exchanges.

The whale transaction also took place in two distinct transfers. The wallet address moved 22.90 million XRP valued at approximately $14 million to Bitstamp. Meanwhile, the second transaction was reported to have witnessed 16.50 million XRP worth about $10.43 million moved to the Mexican-based exchange Bitso.

The movement of XRP to the stated CEXs via the same wallet address has become a regular occurrence in the cryptocurrency space.  This might be due to Ripple‘s strategic partnership with Bitstamp and Bitso, in which the CEXs make use of Ripple’s payment services.

Could The Price Of The Crypto Asset Reach $2,500?

Crypto expert Egrag Crypto recently revealed an intriguing story of his conversation about the pricing of XRP with a prominent banker. The analyst shared the story with the entire crypto community on the social media platform X (formerly Twitter).

The conversation revolved around the token, as both figures examined how the altcoin might reach a value of $2,500 soon. The discussion arose when the banker challenged Egrag to clarify how 40,000 XRP could ultimately equal $100 million.

XRP

Taking up the challenge, Egrag showed the banker how the asset would reach $2,500 using a chart he posted alongside. According to the chart, the token might reach this price level by 2029. 

Due to this, the banker has considered the digital asset a long-term investment, as he believes it could result in enormous gains by then.

Currently, the token’s price is sitting at $0.629, indicating a decline of about 1.60% in the past 24 hours. Its trading volume is also down by over 20%, while its market cap is down by 1.68%.

XRP

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Bitstamp Makes Highly Anticipated XRP Announcement, But Does It Live Up To The Hype?

On Wednesday, August, 2, crypto exchange Bitstamp made a cryptic tweet teasing a new announcement and development for XRP. The exchange kept its promise and made the announcement. However, did it live up to the expectations and hype?

The Big Announcement

Popular digital asset exchange platform Bitstamp has recently unveiled its highly anticipated XRP announcement. The new feature allows users to stake their XRP holdings and earn long-term 2% APY in rewards. This offering is part of the platform’s creative Bitstamp Earn Lending Program, which offers users a reliable and secure means to lend their XRP holdings and earn rewards in return. 

Bistamp’s lending service stands out because of its numerous benefits that provide participants with confidence in the whole lending procedure. Bitstamp will also not convert or lend users’ assets without explicit consent and instructions. To partake in XRP staking, users of the platform can easily navigate to the Earn Lending column on Bitstamp. While on the section, they will be offered an option to stake their XRP and earn the mouth-watering 2% APY rewards. 

To bolster trust and entrench transparency, Bitstamp has partnered with Tesseract, a renowned firm that is specialized in exclusive lending to trusted borrowers. Tesseract will conduct thorough credit and risk evaluations on all prospective borrowers, thereby augmenting the general safety and reliability of the lending service. 

Bitstamp will also render monthly performance reports to enhance transparency. The reports will cover key metrics, such as the risk profile of borrowers, portfolio concentration, and collateral levels. 

Ripple (XRP) price chart from Tradingview.com

Members of XRP React

The recent announcement has sparked a wave of expectations and reactions within the XRP community. The announcement of the 2% APY on XRP lending has been met with disappointment as community members expected a more groundbreaking revelation. 

Community members had previously speculated on the nature of the announcement, with some XRP proponents speculating that Bitstamp may consider a full integration with the XRP Ledger (XRPL) decentralized exchange (DEX). 

Popular XRP community members like Dig Perspective emphasized that while the 2% APY looks good, the community expected something more remarkable.

Whichever way it goes, it remains to be seen if Bitstamp will live up to its promises. 

XRP’s price is currently trading at $0.66, representing a 0.65% and 7.17% decline on the daily and weekly charts, respectively.

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Bitstamp Teases Major XRP Announcement, But The Market Hesitates

In a cryptic move that has the XRP army speculating, Europe’s leading cryptocurrency exchange, Bitstamp, has teased a significant announcement related to the token. The Luxembourg-based exchange made this known via a tweet that simply read, “tomorrow,” accompanied by the XRP-themed hashtags #XRP, #XRPL and #XRPLedger and a suggestive video.

The video, a brief animation showing an XRP rocket ascending, indicates that the forthcoming announcement could potentially result in significant news for the XRP Ledger, eventually boosting the price. However, Bitstamp stopped short of offering any explicit hints about what this announcement might entail, leaving the community buzzing with anticipation.

What Might Be Bitstamp’s Announcement?

XRP’s followers were quick to respond, sharing their theories on what Bitstamp’s forthcoming announcement might involve. Panos, the founder of Digital Generation Finance, expressed his belief that Bitstamp could be set to announce a full integration with the XRP Ledger (XRPL). “The announcement could reveal that DEX has been connected to Bitstamp’s order book, focusing on fiat ramps for payments,” Panos conjectured.

This notion was seconded by prominent XRP community member @XRPcryptowolf, who also postulated that Bitstamp could be planning an XRPL integration.

Meanwhile, another XRP fan named @wEeZiE posited that Bitstamp’s announcement might have something to do with Ripple’s recent minority stake acquisition in the exchange. Back in May, Ripple acquired a stake in Bitstamp in a bid to expand its international operations and diversify its offerings beyond payments.

A transcript of the Galaxy shareholder conference revealed at the time that Ripple had acquired the shares from Pantera Capital, another crypto investment firm based in the US. Pantera was one of Bitstamp’s largest shareholders until 2018, when the exchange was acquired by Belgian investment firm NXMH. However, it is unclear how much Ripple paid for the acquisition or how the deal was structured.

“wEeZiE” stated, “Recall Ripple president Monica Long’s comment about Ripple’s recent stake acquisition in Bitstamp. She mentioned that the move would strengthen Ripple’s international presence and diversify its offerings beyond payments. Perhaps Bitstamp’s tease pertains to this?”

Remarkably, Bitstamp has been a major Ripple gateway for years, granting clients access to RippleNet and serving as a key partner for Ripple’s On-Demand Liquidity (ODL).

XRP Investors Don’t Buy The News

At press time, the market has not reacted to the announcement of the announcement. On the contrary, XRP has lost key support at $0.6760 and marked a new 3-week low following the summary judgment in the US Securities and Exchange Commission (SEC) case.

For now, the price has found support at the 200 EMA (Exponential Moving Average) at $0.6543. If this support breaks as well, a plunge towards $0.60 could be on the cards. On a bullish note, if Bitstamp’s announcement tomorrow can excite XRP investors, the $0.6760 level would be the first resistance. In case of a breakout, a spike up to $0.7249 is likely.

XRP price