Ripple has locked back 800 million XRP tokens into escrow shortly after releasing 1 billion
In a strategic move aimed at sowing confidence in the cryptocurrency community, Ripple implemented an escrow mechanism that underscores its commitment to responsible token management and market stability. The company has locked back 800 million XRP tokens into escrow shortly after releasing 1 billion XRP in August. By taking this step, Ripple ensures the market ecosystem is balanced and addresses concerns about oversupply.
800 million XRP Shifted to Escrow
According to data provided by Whale Alert tracker of crypto transactions, Ripple has securely locked away 300 million XRP tokens, valued at an impressive $209 million, in the Ripple Escrow wallet.
Ripple’s decision to lock back a significant portion of released tokens demonstrates its proactive stance in the ever-evolving cryptocurrency landscape. Whale Alert further disclosed that an even more substantial amount of XRP had been returned to escrow. The 500 million XRP, equivalent to over $349 million, has been locked in the controlled account.
Recently, XRP has been riding a powerful wave of momentum, igniting excitement among analysts who foresee an exhilarating surge toward the desired US$1 mark. Behind the scenes, Ripple Labs, the visionary force propelling XRP’s rise, has been unstoppably forging strategic partnerships and engaging in groundbreaking collaborations. These extraordinary efforts have ignited a fire of confidence in many investors, believing a new bull market will take shape.
The weekly time frame for XRP shows a bullish outlook. The main reason for this is a breakout from a 700-day descending resistance line. Breakouts from such long-term structures often lead to significant movements in the other direction.
After the breakout, XRP moved above the US$0.54 horizontal area, creating a large bullish candlestick (green icon). This took the price to the next resistance at US$0.90, which was rejected the same week (red icon). The price is now trading between these two levels.
One analyst, Tolberti, explained on TradingView that XRP would likely jump at least to a resistance level at US$1.30. If it can break through that level, it could retest its all-time high of US$3.28. That would represent a nearly 4x gain from today’s price.
