Tech

2.37B XRP On Move: Ripple Locks 900M XRP in Escrow, Ripple OTC Wallet Sent 300M XRP, 1.17B XRP Shuffled By Whales

09/02/2022
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The blockchain company locked the funds to prevent the price of XRP from a further dip.  

Less than 24 hours after unlocking 1 billion XRP, Ripple has locked back a whopping 900 million units of the crypto asset. Leading cryptocurrency whale tracking service Whale Stats reported the development on Twitter. 

Roughly 10 hours ago, 200 million XRP worth $64.95 million at the time of the transaction were locked at Ripple escrow wallet. The transaction was made from an unknown wallet, Whale Stats reported. 

At the same time, another 100 million XRP valued at around $32.94 million were locked in Ripple escrow wallet. 

The Silicon Valley tech company also locked another 100 million XRP ($32.94 million) in its escrow wallet. 

Lastly, Ripple locked a whopping 500 million XRP coins in its escrow wallet, with the funds worth $163.05 million at the time of the transaction.  

This type of transaction usually occurs moments after Ripple releases its routine 1 billion XRP from escrow. The leading blockchain company locks back the coin to prevent the price of XRP from dropping further as Ripple continues to engage the Securities and Exchange Commission (SEC) in a legal battle over its 2013 ICO. 

Ripple OTC Sends 300M XRP

Aside from the 900 million XRP locked at Ripple escrow wallet. Ripple Over-the-Counter distribution wallet sent 300 million XRP, worth $98 million, to an unknown wallet. 

1.17B XRP Whale Transactions

Whale Alert also observed other large XRP transactions over the last 24 hours. The transactions saw the shuffling of XRP among Ripple, cryptocurrency exchanges, and unknown wallets.

Five hundred million XRP ($164 million) were transferred to an unknown wallet from another unknown wallet. 

Interestingly, Whale Alert observed the movement of 300 million XRP ($97.58 million) from an unknown wallet to Ripple. This transaction is in line with Ripple’s commitment to purchase XRP from secondary markets amid growing demand for the company’s On-Demand Liquidity offering. 

Additionally, an unknown wallet transferred the sum of 180 million XRP, valued at around $58.32 million, to another unknown wallet. 

Whale Alert also tracked the movement of 50 million XRP worth $16.38 million from an address on Crypto.com to an unknown wallet. 

Furthermore, an unknown wallet sent 30 million XRP ($9.97 million) to a Bitstamp address. 

In addition, an anonymous user sent 60 million XRP worth $20 million to a Bitso wallet, while another 54.3 million ($18.05 million) from Bitso to an unknown wallet. 

In summary, 900 Million were locked by Ripple in Escrow, Ripple OTC sent 300 Million, and Whales moved 1,174,300,000 (1.174 billion) tokens. In total 2,374,300,000 (2.37 billion) XRP moved in 24 hours.

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Source: https://thecryptobasic.com/2022/09/02/2-37b-xrp-on-move-ripple-locks-900m-xrp-in-escrow-ripple-otc-wallet-sent-300m-xrp-1-17b-shuffled-by-whales/?utm_source=rss&utm_medium=rss&utm_campaign=2-37b-xrp-on-move-ripple-locks-900m-xrp-in-escrow-ripple-otc-wallet-sent-300m-xrp-1-17b-shuffled-by-whales