San Francisco-based blockchain company Ripple Labs has unlocked an additional 500 million XRP from escrow, following a previous release of 1 billion XRP. Crypto transaction tracker Whale Alert has identified several other large XRP transfers.
Ripple’s Major XRP Release
Whale Alert, known for tracking significant cryptocurrency transfers, reported that Ripple released another substantial amount of XRP from escrow. On August 1-2, Ripple conducted its usual monthly withdrawal, releasing a staggering 1 billion XRP. Following that, Ripple moved an additional 500 million XRP. The latest 500 million XRP transfer amounts to approximately $281.7 million, while the 1 billion XRP is valued at around $563.2 million.
Related article: Ripple Moves 150M XRP Amid SEC Settlement Speculations
Ripple has been making monthly XRP releases from escrow for the past seven years to enhance the coin’s market liquidity and provide XRP to institutional clients engaged in payments. Despite these significant releases, Ripple still holds a considerable 4.682 billion XRP in its cold storage wallets, according to a recent company report.
Significant XRP Transfers Detected
In addition to Ripple’s substantial withdrawals, Whale Alert detected several other notable XRP transfers within the last 24 hours. Four transactions, each involving 20-25 million XRP, were observed. Specifically, three transactions saw 23 million XRP and two transfers of 24 million XRP each moved from Binance, the world’s largest crypto exchange, to unidentified wallets.
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These transfers totaled 71.2 million XRP, valued at $40.1 million. Additionally, Whale Alert tracked a transfer of 20 million XRP from an anonymous address to the BitGet exchange, worth approximately $11.7 million.
Amid these significant movements, XRP’s price has surged by 5.66% over the past 24 hours, reaching $0.57. This increase follows a nearly 17% decline since August 1. However, XRP’s price has slightly dipped again and currently trades at $0.56714. Overall, Ripple’s recent large-scale XRP releases and the detected transfers indicate active market dynamics.
The company’s strategy of consistent escrow withdrawals continues to play a crucial role in maintaining XRP’s liquidity and market presence.
