Ripple has once again released a substantial amount of XRP into circulation, drawing attention from the crypto community. On Monday, the company unlocked one billion XRP tokens from escrow, aligning with its monthly release.
According to Whale Alert, Ripple transferred 500 million XRP from an unknown wallet, with another 500 million moving into escrow. The San Francisco-based blockchain company has consistently followed this release schedule since 2017.
Also Read: Ripple (XRP) Rockets by 20%, Here is Why the Coin is Rising Today
XRP Surges Following Massive Transfer to Bithumb
Despite the scheduled unlock, XRP’s price has experienced a significant increase. The cryptocurrency trades at $2.58, marking a 16.11% rise within 24 hours.
The price hike comes after one significant transaction occurred where $147.5 million worth of XRP was transacted. The funds were transferred to Bithumb, which is one of the largest cryptocurrency exchanges in South Korea, raising concerns about increased trading activities.
Some experts have suggested that South Korean traders have remained a key driver of Ripple price moves. According to some industry experts, large amounts of XRP entering exchanges usually signal higher trading volumes, which can also influence the price.
XRP’s market capitalization has also risen to $149.88 billion, reflecting a 16.15% increase. The 24-hour trading volume has also surged by 594.39%, reaching $22.93 billion, indicating a strong buying interest.
Source: CoinMarketCap
Ripple’s latest escrow release coincides with XRP’s inclusion in a multi-token cryptocurrency reserve in the United States. This development adds to the ongoing discussions surrounding Ripple’s stance against a Bitcoin reserve.
Conclusion
Ripple’s routine escrow release and large XRP transactions have once again triggered market reactions. With XRP experiencing a price surge, investors are closely watching trading patterns to anticipate the next shift in momentum.
Also Read: Big News: Trump Backs XRP, BTC, ETH, ADA, and SOL For U.S. Crypto Reserve
