Ripple, the San Francisco-based blockchain technology firm, recently made a significant move by transferring over 1 billion XRP tokens. As part of this transaction, the company locked 800 million of these tokens back in escrow. This follows a deviation from their usual practice of releasing 1 billion tokens, as they only released 500 million on May 1. This change has been observed throughout the year.
According to data from Whale Alert, a whale-tracking platform, these movements were carried out across five transactions using XRPL wallets, which are widely utilized by Ripple. After releasing 500 million XRP into one of its wallets, Ripple distributed these tokens between two separate wallets, with 200 million going to one and 300 million to another. Shortly after, the wallet that received 300 million XRP locked all these tokens back in escrow, while the address that received 200 million XRP retained its tokens.
In addition to these transactions, Ripple moved an additional 500 million XRP tokens from a different wallet to another address managed by its team. This brings the total amount of XRP moved to 1 billion tokens across four separate wallets. Interestingly, these additional 500 million XRP were released from escrow last month.
Despite these significant movements, the price of XRP has remained largely unaffected. In fact, XRP, along with Solana (SOL) and Pepe (PEPE), is one of the few assets that have already begun to recover.
It’s worth noting that Ripple regularly carries out these whale transactions every month, which has raised concerns among market participants about potential selloffs. However, with 800 million XRP locked back in escrow and the remaining 260 million tokens retained across three different wallets, there is currently no cause for alarm.
The recent transactions took place as XRP was recovering from a market dump. While Bitcoin (BTC) and Ethereum saw drops in value, XRP experienced a 2% increase within the same timeframe.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
