XRP, listed among the top 10 cryptocurrencies by market value, has come into the spotlight in the crypto world following two noteworthy transactions by Ripple and two major whale transactions. The on-chain data compiled by the Whale Alert platform, which tracks major movements on blockchains, surprisingly reveals that 867.6 million XRP were moved. Of these XRP, 800 million were locked into Ripple’s escrow wallet, while 67.6 million XRP were transferred to central cryptocurrency exchanges.
Ripple Locks Millions of XRP in Escrow Wallet
According to data from the Whale Alert platform, which tracks major movements on blockchains, millions of XRP were locked in Ripple’s escrow wallet in two transactions today. In the first transaction, the wallet address r9U…iYp locked 300 million XRP in Ripple’s escrow. In the second transaction, the wallet address rB3…cPn locked 500 million XRP in escrow at Ripple. The locked XRP were worth $404.86 million at the time this article was written.
On the other hand, XRP transfers to the central cryptocurrency exchanges Bitstamp and Bitso have led to additional inferences in the crypto world. According to Whale Alert’s data, the wallet address …Rzn transferred 67.6 million XRP to Bitstamp and Bitso in two transactions.
The wallet address transferred 37.9 million XRP to the Bitstamp exchange in the first transaction, and 29.7 million XRP to the Bitso exchange in the second transaction. Interestingly, these transfers to Bitstamp and Bitso have emerged as a recurring phenomenon following Ripple’s strategic equity purchases in the said cryptocurrency exchanges.
Current Price Situation of XRP
XRP is trading at $0.506, marking a significant price increase of 2.04% in the last 24 hours as of the writing of this article. However, the weekly price chart shows a 1.54% decrease for the altcoin, accompanied by a 20.31% decrease on a monthly timeframe.
Especially today’s price increase seems to be in line with the substantial locking of XRP in escrow at Ripple, which removes a certain amount of XRP from the circulating supply until certain conditions are met. The famous XRP supporter, XRP Whale, suggested that a major rally is on the table for the Ripple-backed altcoin, tweeting “XRP is about to go to the moon,” increasing market optimism for XRP.
