As a seasoned researcher who’s been tracking the cryptocurrency market for over a decade now, I find myself often intrigued by the moves made by major players like Ripple Labs. The recent release of 500 million XRP from escrow by Ripple, following a withdrawal of twice as much earlier this week, is yet another example of the company’s strategic maneuvers in the market.
Based in San Francisco, the blockchain firm Ripple Labs has distributed another 500 million units of XRP, following their withdrawal of a double quantity from the same reserve.
Aside from that, several other large XRP transfers were spotted by a crypto transaction tracker.
Ripple unleashes another huge XRP lump
The well-known blockchain investigator, Whale Alert, has disclosed that Ripple Corporation, a significant player in the crypto world, has released a substantial quantity of XRP from its escrow once again, and this information is being shared across various social media platforms.
As a researcher, I’m sharing some recent transactions involving XRP. On August 1-2, a conventional withdrawal of 1 billion XRP coins was taken out from escrow by the company. Today, I observed another movement: Ripple transferred an additional half a million XRP units.
500 million units of Ripple’s digital currency, XRP, were transferred today, equating to around $281,693,718. If you have one billion units of XRP, the total value would be roughly $563.2 million.
Over the last seven years, Ripple has consistently distributed XRP from its escrow account each month, aiming to maintain the coin’s market liquidity and also providing some of these XRP to its institutional partners who are involved in payment transactions.
As per a recent report from Ripple, the firm continues to store an impressive 4.682 billion XRP in its secure offline digital wallets.
91 million XRP on the move
In addition to the large XRP transfer made by Ripple, as previously noted, Whale Alert has also identified several smaller transactions within the last 24 hours. Specifically, there were four transfers, each containing approximately 20 – 25 million units of XRP.
On Binance, the world’s largest cryptocurrency exchange, withdrawals totaling 71.2 million XRP were sent. This amount includes three separate transactions: one for 23 million XRP and two for 24 million XRP each. When converted to fiat currency, this equates to approximately $40.1 million. These transfers were directed to undisclosed digital wallets.
Additionally, the blockchain monitoring system identified a transfer of 20 million XRP from a private blockchain wallet to the BitGet platform. This transaction equates to approximately $11,659,024 in value.
XRP price suddenly recovers
In the last 24 hours, the leading digital currency by market value, XRP, experienced a significant surge of approximately 5.66%. This boosted its price to around $0.57. This upturn followed a nearly 17% drop in XRP’s value since August 1.
Currently, the digital currency linked with Ripple has experienced a minor decline and is being traded at approximately $0.56714.
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2024-08-03 12:02