Thursday was a cryptocurrencyslide“Sun. While Bitcoin temporarily visited $ 18.6k, Ethereum fell to $ 998. Most altcoins duplicated the leader’s move, although Ripple’s native XRP tokens are the opposite of the pack. It was heading in the direction. It fell to $ 0.3 at some point yesterday, but it was recorded above the same value. Looking back, XRP was one of the few tokens that registered green candles on Thursday. did.
Apart from the better lasting than most altcoins, the XRP network “explodedA unique address that interacts with. For the first time in almost 2.5 years, the active address has exceeded 200k.
The address itself is considered active when directly joining when the transaction is successful. The higher the number, the more transactions will occur and vice versa. Therefore, the latest hikes reveal higher engagement activity of market participants on Ripple’s network.
In fact, Messari has revealed that XRP is currently the fifth active chain. In just the past day, $ 596 million worth of transactions have been settled over the network.
Whale buys and unlocks Ripple Escrow β both sides of the coin?
Data from WhaleAlert reveals that large transactions containing Ripple’s native tokens are active. One transaction containing 44.9 million tokens occurred hours ago. In particular, XRP tokens were transferred from Bitstamp.
Immediately after, another transaction containing 60 million tokens from Bitso was executed. Therefore, it can be inferred that whales are accumulating XRP tokens at this stage.
But don’t forget that today is July 1st. On the first day of every month, Ripple puts his hand in his deep pocket and releases a billion XRP tokens. Over the last few years, these releases have been made in two transactions, each with 500 million tokens.
Sticking to tradition, with a midnight stroke, XRP was released from Ripple’s escrow.
Impact on XRP price
Now, since the beginning of this year, XRP prices haven’t really been affected by unlocking escrow. From January to May, token prices will increase daily on the first day of every month. Things got worse only in June.
January 1st 2.5% up
February 1st 1.78% up
March 1st 0.38% up
April 1st 1.58% up
May 1st 3.85% up
June 1 5.6% drop
The above dataset clearly shows that escrow dumps have no potential to lower prices on their own. Broader market conditions and basic indicators have always supported the value of XRP. Nevertheless, tokens were trading in the red at the time of the press due to the fairly high correlation they share with Bitcoin. However, the medium-term outlook for XRP remains optimistic.
It can be expected to be supported by indicators and other factors. Due to the good on-chain environment and the buying bias that exists between large companies, market participants can expect XRP to gradually move towards $ 0.42 this month after testing $ 0.36 and $ 0.38.
That said, if Bitcoin and the wider market are another drag, $ 0.28 will be valid for XRP.