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Prominent blockchain tracker Whale Alert, which monitors large cryptocurrency transfers, has spotted three massive transactions conducted by crypto behemoth Ripple in recent hours.
More than $2 billion worth of XRP was shifted in three moves. Meanwhile, the top-10 cryptocurrency XRP has managed to regain the $3 level after showing a 4.17% decline a day before.
Ripple locks 700 million XRP in escrow
The above-mentioned data source revealed the details of three mammoth crypto transactions on its X account. Several hours ago, 100,000,000 XRP, 500,000,000 XRP and 100,000,000 XRP were moved by Ripple and locked in escrow accounts.
Those crypto transactions were worth $296,413,204, $1,480,487,661 and 296,148,353 — $2.078 billion.
Traditionally, on the first day of a new month, Ripple unlocks 1 billion XRP from escrow and then locks back about 80% of this amount — 800,000,000 XRP. This year, Ripple’s XRP escrow releases have shifted to the second or third day of a new month, along with locking back part of that XRP. Today is Aug. 2.
Prior to that, Whale Alert spotted two other giant transactions: 200,000,000 XRP worth $591,867,292 and 300,000,000 XRP valued at $886,312,662 were transferred to Ripple from an unknown wallet. Those transfers were likely also linked to the Ripple escrow.
XRP recovers after recent drawdown
This week, the crypto market was pushed into the red zone as on Wednesday, the Fed Reserve chairman Jerome Powell announced that interest rates would remain on the current level without any reduction. Bitcoin reacted by going down and so did the rest of the market, following its price curve.
XRP has lost more than 10% since Wednesday as it fell from a local high of $3.32. On Friday, XRP shed 4.2%. It attempted a 3.35% recovery today and recovered $3 briefly, but it was followed by a decline of 1.28%. At the time of this writing, XRP is changing hands at $2.98.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team