Ripple’s latest move to unlock 1 billion XRP has sparked major market interest, especially following former U.S. President Donald Trump’s announcement that XRP is part of the U.S. Crypto Strategic Reserves. The news sent XRP’s price soaring by 30%, reaching $2.60 and pushing its market cap to $150 billion.
Ripple’s Monthly XRP Unlock
On March 3, Ripple followed its standard practice of unlocking 1 billion XRP from escrow. However, the move gained significant attention due to Trump’s endorsement of XRP as part of a national crypto reserve. As usual, Ripple did not release the full amount into circulation, locking 700 million XRP back into escrow.
Major Whale Movements Recorded
Blockchain tracker Whale Alert flagged substantial XRP movements following the unlock. In two significant transactions:
- 500 million XRP was split into two batches: 100 million and 400 million XRP, sent to a wallet labeled ‘rGKHD…2Bdh.’
- Another 500 million XRP was transferred in a single transaction to the wallet ‘rHGfm…sbQr.’
While Ripple’s monthly unlocks are routine, the addition of XRP to the U.S. crypto reserve has fueled speculation that institutional investors may increase their exposure to XRP, further driving demand.
700 Million XRP Re-Locked in Escrow
Despite unlocking 1 billion XRP, Ripple quickly locked back 700 million tokens into escrow, limiting the immediate supply in circulation. Here’s how the reallocation unfolded:
- 500 million XRP was received by one wallet but remains unmoved.
- 500 million XRP was transferred to another Ripple wallet before being locked back in escrow.
- 100 million XRP may also be locked in the coming days, leaving only 200 million XRP available for circulation this month.
XRP Faces Key Resistance at $3
Following these developments, XRP surged 17% intraday, peaking at $2.60. Over the last 24 hours, its price has jumped by 30%, but analysts note a key resistance level at $3. If bulls break past this, the next price target is $3.40, XRP’s January high.
Also Read: Why Is XRP Going Up Today? Trump’s Crypto Plan Sparks a 30% Surge
With institutional confidence growing and Trump’s backing boosting sentiment, the crypto market is closely watching whether XRP can sustain its bullish momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m the cryptocurrency guy who loves breaking down blockchain complexity into bite-sized nuggets anyone can digest. After spending 5+ years analyzing this space, I’ve got a knack for disentangling crypto conundrums and financial markets.
