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Ripple Withdraws 1 Billion XRP from Escrow, Helping Whales Shift 133 Million XRP

Thu, 12/01/2022 - 12:56
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Yuri Molchan
Ripple crypto behemoth has again unlocked gigantic amount of XRP, while whales moved much smaller one
Ripple Withdraws 1 Billion XRP from Escrow, Helping Whales Shift 133 Million XRP
Cover image via stock.adobe.com

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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.

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Image via Twitter

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133 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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.