Ripple Withdraws 1 Billion XRP from Escrow, Helping Whales Shift 133 Million XRP
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Per recent tweets by popular blockchain service that traces large crypto transactions Whale Alert, about twelve hours ago, major crypto company Ripple Labs moved three lumps of XRP, carrying 500, 400 and 100 million coins, from escrow.
This makes up a billion XRP coins that Ripple traditionally unlocks on the first day of a new month and has been doing so since early 2018.
In the meantime, anonymous whales have transferred roughly 133 million XRP tokens, moving them between crypto exchanges.
Another billion XRP goes out of escrow
Ripple continues to release one billion XRP each month from one of its escrows. Despite concerns expressed in November that the company had stopped doing that, crypto researcher Leonidas Hadjiloizou dispelled that rumor, referring to data provided by @XRP_EscrowBot. He stated that Whale Alert is no good for tracking XRP released from Ripple's escrows.
Usually around 800 million XRP gets kept by Ripple for further use, and 200 million is locked back until the next time to release rolls around.
Yuri Molchan133 million XRP moved; Ripple and Binance in focus
According to the same source, there were five other transfers that moved slightly over 130 million XRP — a total of 132.7 million of these coins.
Anonymous whales shifted 24,000,000-30,000,000 XRP chunks between crypto exchanges (Bittrex, Binance, Bitstamp, etc). However, one transaction stands out here as it was made from a wallet belonging to Ripple to a Binance address.
A total of 24,470,000 XRP were sent from the blockchain behemoth to the largest crypto exchange by trading volume.
🚨 24,470,000 #XRP (10,108,907 USD) transferred from unknown wallet to #Binancehttps://t.co/fKvGvXBF6P
— Whale Alert (@whale_alert) November 30, 2022
Related articles
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin