Despite a modest drop in XRP pricing, Ripple has moved many tens of millions of XRP to a significant cryptocurrency exchange, which appears to be a sale, according to popular blockchain tracker Whale Alert.
A surprising number of several hundred millions of XRP were previously transferred from a cryptocurrency exchange to an anonymous wallet.
Ripple sells XRP while price goes down
Two significant transactions carrying 29,700,000 and 425,322,309 XRP were detected by the aforementioned cryptocurrency tracking firm. Bitstamp received the initial lump.
Information from Bithomp, an XRP-focused data source, reveals that Ripple Labs, a blockchain startup situated in San Francisco, sent this cryptocurrency. Ripple Labs moved around 30 million XRP in order to sell it for $15,040,591.
The second XRP chunk was transferred from the Bitvavo digital exchange to a wallet that Whale Alert classified as “unknown.”
Since the beginning of August, Whale Alert has identified and reported a number of XRP transactions of comparable value, with one of them coming from Bitvavo.
The price of XRP, the fifth-placed digital currency, decreased by 1.44% today, Monday, September 4, after increasing by 4.73% since Friday. However, it appears that the Ripple behemoth was able to move the funds to Bitstamp before the price drop. It’s not clear, though, if the business made money or lost money on the sale. At the time of writing, the price of XRP is $0.50331.
Ripple sent 31,000,000 XRP to sell this cryptocurrency on August 30.
Ripple returns 800 million XRP to escrow
The aforementioned blockchain behemoth released one billion XRP tokens from escrow on September 1 as part of a planned, programmed monthly release. Ripple has been doing this regularly since 2018 to boost XRP’s market liquidity and promote the coin.
But soon after these releases started, Ripple began to lock about 80% of the unlocked billion XRP back in escrow, releasing just about 200 million XRP on average each month into the market.
