Ripple Locks 700 Million XRP in Escrow After Price Drops Below $3

Ripple Labs has locked 700 million XRP in escrow after the coin's price fell below $3. This transaction was identified on August 2 by Whale Alert. The total value locked amounts to over $2 billion.

Details of Transactions

  • 100 million XRP worth $296.4 million
  • 500 million XRP worth $1.48 billion
  • 100 million XRP worth $296.1 million

Typically, Ripple unlocks 1 billion XRP monthly and locks most back into escrow. This time, the action occurred on the second day of the month, deviating from the usual schedule.

Prior to this, two large transfers of 200 million and 300 million XRP were made from an unknown wallet to Ripple, part of regular escrow activities.

XRP Price Movement

The decline in XRP's price is linked to the U.S. Federal Reserve's announcement on July 30 to maintain interest rates, contributing to a drop of over 10% in XRP's value, from $3.32 to as low as $2.98. Currently, XRP is priced at $2.94, down 2.01% in 24 hours.

Analysts suggest that Ripple's escrow actions may help manage supply and stabilize the market. Additionally, Bloomberg Analyst Eric Balchunas indicated an 85% chance of XRP ETF approval by September or October.