- Whale Alert: 500,000,000 XRP unlocked from escrow at unknown wallet.
- JPMorgan Chase accepts XRP for credit card and mortgage transactions.
Ripple recently unlocked 1 billion XRP coins at the beginning of August, a move that has sparked tremendous interest in the cryptocurrency market.
According to a tweet from Whale Alert, 500,000,000 XRP, valued at $281,693,718, was unlocked from escrow today and moved to an unknown wallet. This significant movement of XRP has triggered numerous discussions and hypotheses in the crypto world.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (281,693,718 USD) unlocked from escrow at unknown wallethttps://t.co/k9LaztYrx5
— Whale Alert (@whale_alert) August 2, 2024
Significant Transfers and Market Predictions for XRP
In addition to this massive transfer, according to a CNF prior report, Whale Alert discovered another significant transfer of 22,177,622 XRP from Binance to an unknown wallet. Large transfers frequently reflect underlying market strategies or movements, encouraging analysts and traders to pay particular attention to this activity.
Meanwhile, an analyst previously noted by CNF predicts additional drops in XRP’s value using Elliot Wave theory. This prediction implies that XRP may reach new lows before laying the groundwork for a possible rally.
The analysis has elicited conflicting emotions, with some investors bracing for a slump and others seeing it as an opportunity to buy more XRP at a lower price.
Also, El Salvador is exploring using both XRP and Bitcoin for international trade with Russia. The possible acceptance of XRP and Bitcoin for cross-border transactions might be a big step forward in the integration of cryptocurrency into global trade.
El Salvador’s move is consistent with the country’s continuous attempts to embrace digital currencies, which include its historic recognition of Bitcoin as legal cash.
On the other hand, JPMorgan Chase has stated that XRP will now be accepted for credit card and mortgage transactions. As we previously reported, this development indicates that XRP is becoming more widely accepted in the traditional financial industry.
JPMorgan Chase’s decision may encourage other financial institutions to consider incorporating XRP into their services, increasing its utility and value proposition.
Meanwhile, XRP is currently trading below $0.60, falling 0.95% over the last 24 hours to about $0.5694. The Ripple coin is plummeting along with the global crypto market.
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