According to Whale Alert, the tracker of large transactions of cryptocurrencies, the massive movements of XRP between crypto exchanges remain active. Also, Ripple, the major distributor of XRP, has locked the remaining 800 million of the funds released on 1st April back in escrow.
Ripple and Exchanges Move 313.1 Million XRP
Whale Alert recently tracked and reported seven transactions that were carrying a total of 313.1 million XRP.
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This whopping sum of XRP was moved between top crypto exchanges, including the US-based Bittrex. Binance, Coinone, and Bitstamp.
Ripple, the San Francisco-based cross-border payment firm, shifted 75 million XRP between its internal wallets and transferred 30 million XRP to its On-Demand Liquidity (ODL) corridor in the Philippines (Coins.ph). Mexico-based Bitso, another Ripple corridor, also received 40 million XRP from Bittrex exchange and shifted 35.5 million coins internally.
Ripple Locks 800 Million XRP Back In Escrow
After the monthly release of 1 billion XRP from escrow, which played out on 1st April 2022, Ripple has locked 800 million XRP back in escrow. This is no longer strange to the XRP community members. It’s been playing out since 2017.
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The remaining 200 million coins will be used by the blockchain-based payment firm to cover operational expenses and for supporting XRP liquidity on multiple exchanges.
At the time of press, XRP, the 7th largest cryptocurrency by market cap, is trading at $0.8304, with a 0.23% price upsurge in the last 24 hours, according to CoinMarketCap.
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