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Ripple Receives 2 Billion XRP from Unknown Wallets – Could This Massive Release Trigger a Price Explosion?

Ripple received 2 billion XRP from two unknown wallets and then later placed 1.2 billion XRP in escrow, leaving 800 million unlocked.

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Simon Chandler

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Simon Chandler

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated:

September 2, 2024

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

The price of XRP has declined by 1.5% this morning, dropping to $0.5494 as the cryptocurrency market falls by 2% today.

XRP is also down by 8% in the past week and 3% in the last 30 days, although the altcoin – the seventh-biggest token in the market – sits on an 11% increase in a year.

The past 24 hours have witnessed some intriguing transfers involving Ripple, with the firm receiving 2 billion XRP from two unknown wallets, with half of this amount coming out of escrow.

And while Ripple has put 1.2 billion XRP back in escrow, 800 million tokens are still unlocked, suggesting that we could see some significant price action soon.

Ripple Receives 2 Billion XRP from Unknown Wallets – Could This Massive Release Trigger a Price Explosion?

Yesterday witnessed three transactions which unlocked 1 billion XRP from escrow, coming from two unknown wallets.

What’s interesting is Whale Alert data shows that Ripple received another 1 billion XRP from these same two wallets later in the day, across four separate transactions.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 400,000,000 #XRP (221,319,511 USD) transferred from unknown wallet to #Ripple https://t.co/emt9TAdvsd
— Whale Alert (@whale_alert) September 1, 2024

In fact, things get even more interesting, since Ripple then proceeded to lock 1.2 billion XRP in escrow (here, here and here), meaning that these tokens are unlikely to reach the market and sell anytime soon.

Still, it now appears that Ripple has 800 million XRP at its disposal, implying that it could sell this amount in the near future.

Its chart today reflects this possibility, with its indicators having been in a weak position for over a week now.

However, just because Ripple has 800 million XRP not in escrow doesn’t necessarily mean it intends to sell these tokens, with the coin’s indicators suggesting that a big recovery move could be on its way.

For instance, its relative strength index (purple) has risen from 30 this morning, reaching 50 and looking like it can continue to climb further.

At the same time, its 30-period average (orange) has reached a bottom in relation to the 200-period average (blue), which again implies that price rises should be incoming.

And with XRP’s resistance (red) and support (green) levels verging on each other, we could indeed see something big very soon.

A positive movement may become likelier when the FOMC meets on September 17 and 18, which is when analysts increasingly expect the central bank to finally introduce rate cuts.

This will help lift cryptocurrency prices across the board, with the XRP price likely to be one of main beneficiaries.

It could hit $0.7 by November, before potentially ending the year at around $0.85.

New Meme Tokens with Strong Fundamentals

For some traders, XRP may be a little too slow in terms of the progress it has been making, in which case they may prefer to investigate newer alts with more volatility and potential upside.

This includes presale coins, which can often rally exponentially when their sales end and they list for the first time, particularly if they’ve had a big sale.

And one token on course to do something like this is Crypto All-Stars (STARS), a new Ethereum-based coin that has raised in excess of $900,000 in its sale.

What’s special about Crypto All-Stars is that it’s the first token to provide a ‘MemeVault’, which is a storage protocol in which holders of any meme token can stake their funds.

Crypto All-Stars provides this MemeVault via its harnessing of the ERC-1155 multi-token standard, which can tokenize any cryptocurrency, including coins not running on Ethereum.

This gives the project a wide reach, and what’s especially bullish is that users who stake meme coins with its protocol will receive more rewards if they hold more STARS tokens.

This could lead to massive demand for STARS, which has a max supply of 42.069 billion.

Newcomers can join the coin’s sale by going to the official Crypto All-Stars website, where 1 STARS currently costs $0.0014191.

This price will rise in just under two days and will continue to rise with each new stage of the sale.

Investors should therefore act quickly, particularly if STARS is to surge once it lists.

Buy STARS Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.