Ripple has once again captured the attention of the crypto market by unlocking 500 million XRP, which occurred just days after a similar move.
Ripple Changes Approach to Unlocking XRP
Ripple has wrapped up its July escrow cycle by unlocking 1 billion XRP in two parts and relocking 700 million. The remaining 300 million XRP is designated to support ecosystem expansion, including on-demand liquidity (ODL), exchange-traded products (ETPs), and broader infrastructure development. Since March, Ripple has moved away from its previous pattern of quickly unlocking and relocking most XRP, adopting a more flexible approach to reserve management.
Mass Sell-Off of XRP by Whales
According to Whale Alert, 225,109,772 XRP, valued at over $500 million, was recently transferred between two unknown wallets. Such massive, unidentified movements often trigger speculation about whale activity or potential behind-the-scenes moves by institutions. Whales holding between 100 million and 1 billion XRP offloaded over 600 million XRP, worth more than $1 billion, in just 24 hours this week. As a result, their total holdings have dropped to 7.7 billion XRP, signaling declining confidence in XRP’s future and potentially creating significant downward pressure on its price.
XRP Faces Resistance at $2.248
Currently, XRP is trading at $2.23, down 2.2% in the last 24 hours. An analyst notes that $2.248 is acting like a "battleground zone" where bulls and bears are fighting for control. A clear breakout above this level could signal further upside, while a rejection might trigger a pullback. All eyes are on this critical price point for the next big move.
Ripple's actions regarding XRP unlocks and the significant pressure from large holders create uncertainty in the market. The future of XRP hinges on successfully overcoming the resistance level at $2.248.
