Popular cryptocurrency tracker Whale Alert has spotted two transactions that moved large chunks of XRP from two major crypto exchanges, Crypto.com and Binance. Both transactions were made to anonymous wallets, as Whale Alert tagged them.
Two trading behemoths shovel $37 million in XRP
Whale Alert has shared that over the past 24 hours, Crypto.com exchange transferred 50,000,000 XRP and Binance moved 23,555,362 XRP, worth $25,409,675 USD and $11,783,643 USD.
Details shared by XRP-focused explorer Bithump shows that Crypto.com transferred 50 million XRP to Binance, and Binance made an internal transfer of 23.5 million XRP.
Ripple withdraws 1 billion XRP
On April 1, Ripple fintech giant made a regular withdrawal from escrow, unleashing an astounding amount of 1 billion XRP from it. After that, 700 million XRP were locked back.
500,000,000 XRP just locked back up into escrow as part of Ripple's monthly escrow process.— XRP Escrow Bot (@XRP_EscrowBot) April 1, 2023
Learn about Ripple's XRP escrow process here: https://t.co/6WPmhRS6Qm
The remaining 300 million coins will be used by the company to cover its current operational needs, and part of that amount will be sent to crypto exchanges and to financial institutions – customers of Ripple.
As of this writing, XRP is changing hands at $0.5048, according to data shared by popular crypto platform CoinMarketCap.