Ripple Locks 300M XRP as Price Slips to $2.19

Key Points:

• Ripple locks 300M XRP after rebalancing, signaling tighter supply amid volatile trading conditions.
• XRP drops 0.8% to $2.19 as daily volume plunges over 36%, reflecting reduced market activity.
• XRPL’s EVM-compatible sidechain goes live, bringing Ethereum dApps and smart contracts to the XRP network.

Ripple Locks 300M XRP as Price Slips to $2.19Ripple has locked 300 million XRP, valued at approximately $659.8 million, into escrow. This update comes as part of the company’s regular monthly rebalancing, according to data published by Whale Alert on Tuesday. The lock follows the release of 500 million XRP from Ripple’s escrow account earlier in the month.

The July 1 rebalancing involved several transfers across Ripple wallets before a portion was moved back into escrow. Notably, the volume of the token released so far falls short of the typical 1 billion XRP unlocked monthly. There is still a possibility of additional unlocks before the month ends.

XRP Price and Volume Drop

At the time of writing, XRP price was trading at $2.19, reflecting a 0.8% decline from its previous level of $2.21. The drop follows a decrease in daily trade volume, which fell by 36.4% to $2.51 billion. XRP has seen a small 0.15% gain over the last seven days, while its market capitalization stands at $129.15 billion.

The combination of falling price and volume suggests weakening interest from market participants, potentially due to broader market uncertainty and shifting macroeconomic conditions.

Ripple Transfers and Re-locking Activity

After receiving the 500 million XRP from escrow, Ripple’s (27) wallet redistributed the funds across two separate accounts. It transferred 200 million XRP to address “rN8pqR” and 300 million XRP to “rKwJaG.” Following these transfers, the wallet still held 500 million XRP.

Source: Whale Alert/XShortly after, Ripple locked 400 million XRP back into escrow using its Ripple (15) address. This wallet received 200 million XRP each from wallets “rGKHDy” and “rHGfmg” just minutes apart. These movements form part of Ripple’s ongoing XRP supply management efforts.

XRPL Launches EVM-Compatible Sidechain

Meanwhile, the XRP Ledger (XRPL) has launched its Ethereum Virtual Machine (EVM)-compatible sidechain on mainnet. Developed in partnership with Ripple, Peersyst, and Axelar, the sidechain enables full Ethereum smart contract functionality on XRPL for the first time.

As CoinCu reported, the feature allows for the direct deployment of decentralized applications (dApps) and protocols using the XRP ecosystem. The announcement briefly pushed XRP to around $2.20, though the price has since slipped slightly.

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