Ripple Receives 800M XRP, Locks 700M XRP at Escrow, As Over 175M Tokens Move in 24 Hours

As the custom of Ripple demands, a large volume of the XRPL native token, XRP, was locked in the crypto solutions company’s escrow wallet on November 1. Prior to the locking of these millions of XRP tokens, nearly 1 billion units of the utility token flowed into the Ripple escrow wallet from an unknown wallet.

Over the years, locking of XRP tokens in a series of escrow wallets has been a monthly routine for the crypto solutions company. This action is geared towards regulating the circulation of XRP in the market.

Unlike previous months, a slight change has been evidenced in the amount of XRP tokens locked by Ripple in November. Ever since 2018, Ripple usually unlocks 1 billion XRP tokens on the 1st of every month and locks back 800 million units leaving 200 million XRP tokens in circulation. 

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700 Million XRP Locked in Escrow

Ripple, the San Francisco-based cross-border payments service provider, locked 700 million XRP tokens in its escrow wallet in November, according to data from Whale Alert.

As reported by the crypto tracking platform, 800 million XRP tokens flowed into the Ripple escrow wallet on November 1, from an unknown wallet and in two separate transactions. 

The wallet, suspected to be one of Ripple’s various wallets, first transferred 300 million XRP (worth $138,569,630 at execution time) to the company’s escrow wallet. In a follow-up transaction, it shifted 500 million XRP which was worth $230,365,090 at the time of execution. 

Subsequently, Ripple locked 700 million XRP at escrow out of the 800 million tokens received. In the first transaction, 200 million XRP worth around $92.6 million was locked while Ripple locked 500 million XRP worth about $231.7 in a second transaction.

Meanwhile, Ripple reported in October that across its various wallets, the amount of XRP held went below 50 billion tokens, which is 50% of the total supply of XRP. It bears mentioning that Ripple was the initial custodian of 80% of the total supply of XRP at the creation of the XRPL native token.

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More Than 175 Million XRP Moved in Less Than 24 Hours

While the Ripple-SEC case which revolves around XRP is getting heated up, large transfers of the token are continuously being reported by the blockchain tracking platform, Whale Alert. These voluminous XRP movements between top crypto exchanges and unknown wallets are suspected to be related to Ripple’s On-Demand Liquidity (ODL) service. 

According to data retrieved from the Whale Alert platform, over 175 million XRP have been transferred from anonymous wallets to exchanges including Bitstamp, and Bitso. At the time of writing, 175,157,580 XRP have been shifted in less than 24 hours.

While 54,235,647 XRP were transferred from an unknown wallet to the Bitso exchange in two transactions, 60,000,000 XRP worth around $28 million was transferred from another wallet to Bitstamp. In a subsequent transaction, 60,921,933 XRP was sent out of the Bitstamp exchange.

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