Attention, my people! 🚨 Ripple just moved over 2 billion dollars in XRP in a single day, and this has everyone in crypto on edge. Is a storm coming, or is it just part of their strategy? Let's break this down!
Imagine this: Ripple, the company behind XRP, made a move of 700 million XRP, which is over 2 billion dollars, in massive transactions. This happened on August 2nd, and they did it in three batches: 100, 500, and another 100 million XRP. The most curious thing is that, according to Whale Alert data, all of that was locked back in custody! 🔒
This is part of Ripple's play to control the amount of XRP circulating. Every month, they release one billion XRP, and then lock back between 700 and 800 million so that the market doesn't get too wild. In this case, by re-locking 700 million, it means they kept about 300 million XRP for whatever they need.
But be careful, because even though Ripple says this is to maintain stability, people are worried. Hundreds of millions of XRP coming out of custody always makes investors nervous! 😬
And things are getting more interesting: the price of XRP is already on a downward trend. In the last 24 hours, the coin has dropped significantly, losing the key support of 3 dollars. Analysts are warning that if the 'whales' (big investors) keep selling like crazy, the drop could be worse. In fact, they have already gotten rid of more than 710 million XRP! 📉
At the time of writing this, XRP is trading at 2.78 dollars, a drop of more than 7% in one day and 13% in the week! 😱
To top it off, rumors say that Brad Garlinghouse, the CEO of Ripple, sold 200 million dollars in XRP when the price was at its peak (3.84 dollars). This reminds us of the massive sales he made between 2017 and 2020 during the lawsuit with the SEC. 🕵️♂️
And as if that weren't enough, the SEC has postponed decisions on Grayscale and Bitwise's XRP ETFs until at least September 2025! This further diminishes hopes for short-term institutional adoption. ⏳
So, what do you think? Is Ripple playing cat and mouse with the market, or is a major correction coming for XRP? Stay tuned because this is just the beginning!$XRP
