Over $3.28 billion in XRP was unlocked from escrow accounts on August 9. The unlocks were split into transaction batches of $1.64 billion, $328 million, and $1.32 billion, Whale Alert reports.
The unlocks to unknown wallets could add to selling pressure by increasing the circulating supply.
Historically, such events have put pressure on the XRP price, especially when demand has not matched the inflows.
At the time of publication, while bullish metrics seemed to outweigh the bearish signals, the scale of the escrow unlocks has added some uncertainty to the market.
Therefore, traders may want to wait for a more definitive breakout or dip before taking large positions.
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