Whale Alert, a well-known blockchain tracker, reported two significant cryptocurrency transfers totaling nearly a billion XRP coins. Ripple, the blockchain giant, executed these transfers, which coincide with a notable increase in the XRP price over the past 24 hours.
Details of the Transactions
According to Whale Alert, Ripple released two large amounts from escrow: 500,000,000 XRP and 400,000,000 XRP. These transactions were valued at approximately $254.7 million and $203.8 million, respectively, at the time of the transfers.
For the past six years, Ripple has consistently released one billion XRP on the first day of each month. Typically, about 80% of these coins return to escrow before the next release.
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Ripple initiated this practice to ensure liquidity for XRP and to distribute coins to its primary customers, which include financial institutions in the U.S., Asia, and the Middle East.
Another Notable Transaction
In addition to the massive transfers, Whale Alert identified another substantial XRP transaction, though it was smaller. This transfer involved 31,100,000 XRP sent from an unknown wallet to Bitso, the leading crypto exchange in Latin America and a partner of Ripple. Bithomp explorer data indicates that Bitso received this XRP, valued at around $15.8 million, from a wallet associated with Ripple. This transfer likely serves to provide liquidity to Bitso as part of the Ripple Payments project, previously known as On-Demand Liquidity (ODL).
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XRP, currently the seventh-largest cryptocurrency with a market capitalization of approximately $29.7 billion, has experienced a 3% price increase over the last day. The daily trading volume stands at $978.7 million. During this period, XRP printed two large green candles on the hourly chart, each contributing a 1.5% rise after a slight decline.
At the time of writing, XRP has seen a slight pullback, trading at $0.51833 per coin. Overall, since Saturday, XRP has gained a modest 3.5%.
