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Ripple Update: Whale Activities, XRP Escrows, Case Update, And Market Impact

Ripple has been busy making noise in the crypto market recently due to its ongoing case with the SEC, significant whale transactions, and the burning of Ripple’s XRP escrows. Since it has gotten the crypto community’s attention, speculations are showing up concerning how these movements could impact XRP’s stability and price. 

Ripple’s Massive Whale Transfers

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Yesterday, a significant transfer from a whale was made amounting to 25.90 million XRP, or equivalent to $14.56 million which slightly pumped the XRP price. Then today, a staggering 60 million XRP, equivalent to $34 million has been transferred to an unknown wallet. 

According to on-chain data, the receiving wallet holds around 150 million XRP ($85 million). In addition, the same wallet also received 80 million XRP on February 11. Apparently, the on-chain data didn’t identify the receiving wallet. 

Despite the huge whale transfers, the XRP price appears to be stable. XRP price today is at $0.5683, 1.79% higher in the last 24 hours. XRP is at rank #6 with a total market capitalization of $31.01 billion.

Ripple vs. SEC

The SEC vs. Ripple ongoing legal battle enters a new phase called “remedies”. This phase could lead to a declaratory judgement on the issue before the court, damages being awarded and or sanctions being imposed. 

The new phase begins on Wednesday, February 21.

Ripple CTO Sheds Light On XRP Escrows

David Schwartz, Ripple’s CTO recently addressed the issue on the burning of Ripple’s XRP escrows, particularly on the concerns raised by the XRP community about the company’s management. Ripple has over 40 billion XRP currently held in escrow accounts.

According to Schwartz, Ripple can burn escrows by “blackholding” associated accounts, preventing XRP from entering circulation by making those accounts inaccessible.

Though Ripple controls the release of XRP from escrow accounts as part of its market management strategy, Schwartz’s explanation highlights the complexities and considerations within the XRPL ecosystem.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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