Ripple Locks 700M XRP in Escrow Amid Crypto Market Turmoil

Generated by AI AgentCoin World
Sunday, Feb 2, 2025 3:31 pm ET1min read
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Ripple Moves 700 Million XRP Tokens Into Escrow Amid Bearish Market Sentiment

Ripple, the blockchain-based payment protocol, has moved 700 million XRP tokens into escrow, according to a recent announcement. This move comes as the broader cryptocurrency market faces a bearish sentiment, with Bitcoin, Ethereum, and XRP all experiencing significant price declines.

The crypto market has been in a state of turmoil over the past 24 hours, with an overall decline of more than 7%. Bitcoin slipped below the crucial $100K level, Ethereum dropped under $3,000, and altcoins like XRP and Solana suffered double-digit losses. The market is on edge, with bearish technicals and growing uncertainty contributing to the sell-off.

Ripple's decision to move 700 million XRP tokens into escrow is seen as a strategic move to manage the supply of XRP tokens and maintain their value. By locking up a significant portion of XRP tokens, Ripple can control the rate at which new tokens enter the market, potentially reducing selling pressure and supporting the token's price.

However, the bearish market sentiment has not spared XRP. The token has fallen over 15% after being excluded from Hong Kong's approved crypto list, adding fuel to the fire. XRP's price has dropped to around $3 after a decline of about 2% in the past week, despite its recent gains.

Experts are speculating about XRP's recent moves, but a new market disruptor might be the real story. 1Fuel, a new crypto presale, has raised over $1.7 million in just three stages, fueling massive optimism among XRP whales seeking alternative investments. The 1Fuel presale has outperform established altcoins like XRP, Ethereum, and Solana within the same period, causing crypto whales to secure OFT to take advantage of the hot crypto.

While XRP has shown resilience in recent days, holding steady with a 0.4% increase in the past 24 hours, the broader market sentiment remains bearish. Ripple's collaboration with Ondo Finance to tokenize U.S. Treasuries on the XRP Ledger (XRPL) and its entry into the stablecoin market with RL