Ripple, the US-based cross-border payments firm, has recently initiated the withdrawal of 1 billion XRP from escrow. Anonymous whales also moved a total of 222 million XRP around the same period.
Ripple Unlocked One Billion XRP
As reported by Whale Alert, the tracker of large crypto transactions, Ripple, the blockchain payment behemoth, has effected the withdrawal of one billion XRP tokens from escrow, representing its usual monthly withdrawal.
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Relatively 200 million XRP is expected to be added to the XRP circulating supply, while the rest of the coins will be locked back in.
The transaction was initiated in two lumps of 500 million XRP each. The coins at current prices are worth relatively $778 million.
When these large XRP releases started and were consistently initiated on a monthly basis, some XRP community members began to panic, thinking it would cause the price of the cryptocurrency to crash.
XRP Army as far as starting a petition on Change.org to urge Ripple to stop the incessant movement of the digital token. However, lots of XRP has been moved without impacting its price in the market.
Read Also: Another Win For XRP: Judge Denies SEC’s Letter to Strike Ripple Affirmative Defense
Anonymous Wallets and Exchanges Move 222 Million XRP
Whale Alert also reported that a total of 222,000,000 XRP were transferred by several wallets tagged by the crypto tracker as “unknown” and by several crypto exchanges.
However, analytics shared by the XRP-centered data aggregator, Bithomp, shows that these unknown wallets also belong to some crypto exchanges. Thus, the largest transaction here, 152,027,860 XRP, was made by Binance internally. This amount of XRP moved is equivalent to $118,621,930 at the time of press.
Smaller transactions were pulled off by Bittrex, Bitso, and Bithumb. They moved a total of 70 million coins, consisting of 20 million, 20 million, 13 million, and 17 million XRP.
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