According to Whale Alert, the San Francisco-based financial company Ripple has taken another enormous XRP lump out of escrow, releasing a fresh amount of cryptocurrency and sending about 30 million XRP to be sold on a significant exchange.
The community has been perplexed by the unidentified whale’s repeated transfers of 420 billion XRP pieces since it was first observed earlier this week.
Ripple moves one billion XRP, price goes down
Ripple Labs released a staggering billion XRP from escrow in four huge transactions, holding 400,000,000, 200,000,000, 100,000,000, and 300,000,000 XRP, according to cryptocurrency tracking service Whale Alert. At the time the money was transferred, the combined value of these four XRP chunks was $510,600,000.
This is one of the planned monthly XRP releases that the business has been carrying out since 2018 to sustain market liquidity for the XRP token and encourage its use.
However, the day after releasing a billion XRP, Ripple typically holds back about 800 million XRP in escrow until the time comes to issue cryptocurrency again the following month. In escrow addresses, Ripple now owns about 40.9 billion XRP after the most recent release.
Additionally, the aforementioned tracker shows that Ripple Labs sent a total of 29,600,000 XRP to the Bitstamp market with the clear goal of selling this cryptocurrency.
The price of the coin decreased by 4.60% after Ripple switched the billion XRP. Another significant XRP transfer, in which over half a billion XRP switched wallets, may have had some effect on pricing given that XRP is, one might argue, already accustomed to these routine token releases.
Anon wallets shift 444.5 million XRP
Prior to Ripple pumping hundreds of millions of XRP into the market, another significant XRP transfer occurred. Unknown wallet sent a staggering 424,604,934 XRP valued $221,841,994 using Whale Alert.
A comparable sum of XRP (424,018,481 XRP) was similarly transferred earlier this week from one anonymous wallet to another.
An X (previously Twitter) user who commented on today’s large XRP transfer claimed they think the same crypto whale, who is changing wallet addresses and transferring hundreds of millions of XRP from them, is responsible for these transfers.
XRP is still the fifth-largest cryptocurrency by market value, and since Ripple’s legal team recently defeated the SEC, investor interest in this asset has once again increased.
