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San-Francisco-based blockchain company Ripple Labs has released an additional 500 million XRP from escrow after withdrawing a twice bigger amount from the same source.
Aside from that, several other large XRP transfers were spotted by a crypto transaction tracker.
Ripple unleashes another huge XRP lump
Popular blockchain sleuth Whale Alert, which tracks down large cryptocurrency transfers and shares the details on the X social media platform, has revealed that Ripple behemoth unleashed another tremendous amount of XRP from escrow.
On August 1-2, the company made a traditional funds withdrawal from escrow, releasing a whopping 1 billion XRP coins. Today, Ripple moved an additional half a million XRP from it as well.
The 500 million XRP moved by Ripple earlier today constitutes $281,693,718. One billion XRP is valued at approximately $563.2 million.
Ripple has been making monthly XRP releases from escrow over the past seven years to support the coin’s liquidity on the market and send part of these XRP coins to its institutional clients working with payments.
According to a recent report published by Ripple, the company still holds a massive 4.682 billion XRP in its cold crypto wallets.
91 million XRP on move
Apart from the above-mentioned bag of XRP transferred by the cryptocurrency giant Ripple, Whale Alert also spotted several smaller transfers made over the past 24 hours. There were four transactions that carried 20-25 million XRP each.
In three of them, one chunk of 23 million XRP and two chunks of 24 million XRP each were withdrawn from the world’s largest crypto exchange Binance. In total, that was 71.2 million XRP evaluated at $40.1 million in fiat. Those transfers were made from Binance to unidentified wallets.
Also, the blockchain tracker detected 20,000,000 XRP sent from an anonymous blockchain address to the BitGet exchange. That amount of XRP was worth $11,659,024.
XRP price suddenly recovers
Over the past 24 hours, the price of the top cryptocurrency by market cap, XRP, has printed an impressive increase of 5.66%, reaching the $0.57 price level. It happened after XRP had crashed by almost 17% since August 1.
By now, the Ripple-affiliated cryptocurrency has been pushed slightly down again and is changing hands at $0.56714.
U.Today Editorial Team
Dan Burgin
