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Key Insights:
- Recent XRP news report noted that Ripple’s CTO confirmed that banks had begun integrating XRP into their ecosystems.
- Whales sold over 710 million XRP in the past 24 hours as Ripple locked 1B XRP worth over $2.98B back into escrow.
- XRP could find support around the $2.55-$2.40 zone amid the ongoing correction.
On August 2, Ripple (XRP) CTO David Schwartz confirmed in a video that institutions were increasingly integrating the XRPL on their systems.
Schwartz noted that there were still issues to be sorted in the payment systems. They were looking to solve the problem of moving huge amounts of money for the banks in a fast and efficient way.
David further noted that there’s also a talk about modularizing the transaction engine so that the transaction engine could execute in the VM.
After recording more than 70 million transactions in the month of July, Schwartz stressed that they had started to upgrade the XRP Ledger to meet these demands. The issues came from the code overlay during the transaction.
The escalation of this integration comes after the White House report that opened the door for digital assets. The RLUSD stablecoin was to be used in these activities with XRP as native gas fee.
Also, Paul Atkins confirmed that most cryptocurrencies were not securities. XRP stood a chance to enjoy this new dawn as the SEC was about to drop its lawsuit.
Despite this, huge transactions were rising, signaling both accumulation and distribution.
XRP News on Whales Sell-off 1
As per data from Santiment on XRP news, more than 710 million XRP were dumped into exchanges for profits after the price hit $3.50. The accumulation of these XRP started to intensify from late June, riding the July wave.
The current number of XRP tokens held in wallets of holders was at 8.92B, suggesting there were still those believing in its long-term outlook.
After the whale sell-off, the price dropped from $3.50 to $2.90 when writing. Also, derivative traders were selling with 20x leverage, where 3.33M XRP were shorted as per EyeOnChain.
XRP News: Ripple Labs Locks 1B XRP Tokens
On the other hand, Ripple Labs team was buying back the offloaded tokens and sending them for locking into an escrow account.
Per Whale Alert on X (formerly Twitter), 300M tokens were first moved. They were followed by two batches of 100M each and another 500M. The total value of these XRP tokens exceeded $2.98 billion at the time of writing.
The movement into escrow accounts was a precursor to the upcoming use of XRP for payment by the banks. However, the tokens in escrow would not be viewed in the firm’s valuation as they were yet to be priced in.
That way, these accounts needed to be loaded with tokens for these transactions, which Schwartz has reiterated could be in Billions per day.
Is XRP Price Ready to Hit $2.50?
XRP news analysis further identified that its price action was navigating in a range-bound structure between $1.80 and $3.50.
Ali Charts noted the altcoin could drop to $2.50, where a hold above it could lead to a reversal. Otherwise, a drop below could make a retest of $1.80 more viable.
On the price magnet side, the $4.12 level had unreal liquidity in higher timeframes with the RSI showing a clear divergence.
The lower timeframes showed that another cluster was sitting between $2.90 and $2.50, where about $7.046 million.
Meanwhile, the crowd and Smart Money were all bullish in opinion, per Market Prophit‘s data. In conclusion, XRP was about to fall lower, but this could change as the parent company was reducing supply by locking in escrow.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss. That may occur from investing in or trading. Please do your research before making any financial decisions.
