In a thrilling plot twist witnessed recently, XRP, a cryptocurrency backed by Ripple Labs, birthed a torrent of speculative buzz among crypto market enthusiasts across the globe as Ripple locked massive amounts of coins in escrow. Data unveiled by the blockchain tracker Whale Alert suggested a staggering 800 million XRP locked in escrow today over a series of three transactions.
Meanwhile, as these transactions surfaced within the broader crypto market, pro-XRP lawyer Bill Morgan added valuable insights, orbiting the change in sentiment for Ripple’s escrow locks. The Ripple-backed cryptocurrency traded in the green as of press time, falling in line with the payments company’s massive tokens lock. Derivatives data further birthed inferences for XRP’s recent topping of the $0.62 mark, garnering global attention.
Ripple’s Escrow Lock: A Closer Look
According to the data revealed by Whale Alert, these 800 million XRP coins were locked in escrow today, March 2, in three transactions. Concerning this, the first transaction showcased the locking of 200 million coins, worth $118.94 million, by Ripple, whereas the second transaction showcased 100 million coins, worth $59.48 million, locked by the same. Simultaneously, the third transaction showcased Ripple’s staggering 500 million tokens locked, worth $297.65 million, in escrow.
These XRP escrow locks promptly gained traction as XRP sprinted past the $0.62 mark today, following the aforementioned lock of tokens. Ripple’s locking of tokens in escrow primarily comes as an effort to jack up and regulate XRP’s supply.
In the interim, Bill Morgan, a renowned pro-XRP lawyer, shared a post on X, showcasing the shift of sentiment orbiting Ripple’s escrow lock. Contrary to the previous sentiments of Ripple’s escrow coming as a flipside to XRP holders and the token’s price, a sentiment mirroring the community’s efforts to turn XRP into a Global Reserve Currency appears to be prevailing.
That’s a change from a segment in the #XRPcommunity saying the escrow has a role in Ripple dumping on XRP holders and negatively suppressing XRP’s price. https://t.co/hxizGTVuF1
— bill morgan (@Belisarius2020) March 2, 2024
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XRP Price Soars
As of writing, the XRP price noted an uptick of 7.73% over the past 24 hours and is currently trading at $0.6302. This phenomenal jump appears to come as a result of Ripple’s massive escrow lock, as the token’s supply takes a substantial hit.
Meanwhile, derivatives data offered by Coinglass hinted at substantial new money entering the market, with a 13.85% rise in the open interest. This further aligns with the above-mentioned upswing. However, the plunge in volume and OI-weighted funding rate birthed additional inferences for a consolidatory phase ahead, following a remarkable surge.
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