Barely a few hours after Ripple unlocked 1 billion XRP from escrow for the month of June, recent data from Whale Alert, the crypto whales tracking service, revealed that the cross-border payment firm has returned 900 million XRP back to escrow in a new development.
Transaction Facts and Figures
A total of 900 million XRP tokens got returned to the escrow in three different transactions. Each deal involved 200 million XRP, 300 million XRP, and 400 million XRP.
The first transaction involving a refund of 200 million XRP to the escrow was authorized yesterday at exactly 20:18 (UTC). The whooping tokens were worth an estimated $101.79M.
Not less than 5 minutes after the completion of the first refund procedure, another transaction worth approximately $152.7 million got initiated, which transferred 300 million XRP tokens to the escrow.
Barely 2 minutes after initiating the 2nd refund, a final transaction got triggered; it returned 400 million XRP tokens worth $204.18 million to the escrow. Overall, 90% of the earlier released XRP coins were returned in 3 different transactions estimated to be worth around $458.67 million.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 200,000,000 #XRP (101,798,250 USD) transferred from unknown wallet to Ripple Escrow wallethttps://t.co/fWnxoT9886
— Whale Alert (@whale_alert) June 1, 2023
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 300,000,000 #XRP (152,704,922 USD) locked in escrow at Ripple Escrow wallet https://t.co/6hj1kCk8pI
— Whale Alert (@whale_alert) June 1, 2023
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 400,000,000 #XRP (204,180,145 USD) locked in escrow at Ripple Escrow wallet https://t.co/ubTc870xCF
— Whale Alert (@whale_alert) June 1, 2023
Notably, the patterns described above have been a regular practice for Ripple. The cross-border payment firm usually returns a substantial number of tokens released from escrow every new month while using the remaining coins to fund its business operations.
The same pattern was experienced in May when Ripple refunded 70% of the 1 billion coins released from escrow.
XRP Market Trends: Bullish or Bearish?
Amidst the protracted legal battle between Ripple and the United States SEC, XRP has continued to show impressive market trends. Per CoinGecko, XRP presently sells at a rate of $0.517509, reflecting a 2.3% spike in the past 24 hours.
Ripple recorded its 2nd & 3rd largest address activity spikes of all time within the past week, recording reasonable profits and rallying more than 11% last week. All indications in the Lawsuit against Ripple, with an anticipated final judgment in June, show that the legal battle will end in Ripple’s favor.
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