Zameer Attar
Ripple Labs, a US-based company, has recently ramped up its efforts to distribute its digital asset-backed XRP to bolster and stabilize the XRP market. Backed by prominent venture capitals such as Standard Chartered, Santander Innoventures, Andreessen Horowitz, Seagate, Accenture, and SBI Group, Ripple is determined to adopt On-Demand Liquidity (ODL) to improve real-time cross-border payments.
Ripple’s XRP On-chain Activities:
In a recent move, Ripple transferred 60 million XRP to an unknown address, incurring a minimal fee of approximately 0.0004 XRPs. This unknown address has been in previous interactions with Ripple’s wallet. Currently, the unidentified XRPL address holds around 67 million XRPs, valued at roughly $34 million, while Ripple’s holdings stand at 361 million XRPs, equivalent to about $184 million.
On the same day, Ripple also sent 29 million XRPs, valued at approximately $15 million, to Bitstamp.
Price Action: Following Judge Analisa Torres’ denial of the US SEC’s interlocutory appeal motion, XRP had previously experienced a surge in price. However, recent XRP sales by Ripple have exerted significant selling pressure on the market, potentially leading to a further drop in the coming weeks before a potential rebound.
Nevertheless, XRP’s daily trading volume has surged, increasing by approximately 84 percent in the last 24 hours to reach around $557 million, surpassing the volume of Binance Coin (BNB) by double.
This acceleration in XRP distribution and increased trading volume indicates a dynamic period for Ripple and XRP in the cryptocurrency market.
