ripple Locked 800 Million XRP in Escrow Amid Rising Whale Activity, What’s Happening?
XRP, one of the most prominent cryptocurrencies by global market cap, created a whirlwind of speculative buzz in the broader crypto market on Thursday following two notable escrow locks and two notable whale transactions recorded by the Ripple-backed token. On-chain data highlighted by blockchain tracker Whale Alert shows that a staggering move of 867.6 million XRP took place today, attracting huge attention around the world. 800 million tokens of these XRPs were locked in escrow at Ripple, while 67.6 million XRPs were left to CEXs. Meanwhile, XRP price also jumped today, consistent with XRP’s significant lock on Ripple.
Surge Locks Up Relics Amid Rising Whale Dumps
According to blockchain tracking platform Whale Alert, XRP was locked in escrow in a series of two transactions today. The first transaction showed that 300 million XRP was locked in escrow at Ripple with the address r9U…iYp. However, in another transaction, the rB3…cPn address locked 500 million XRP in escrow at Ripple. The total of locked XRP tokens reached $404.86 million as of the time the news was published, attracting the attention of traders and investors in the crypto market.
On the other hand, XRP transfers to CEXs bitstamp and bitso appear to have generated additional implications across the crypto horizon. According to data from Whale Alert, wallet address …Rzn shifted 67.6 million XRP to the aforementioned CEXs in a series of two transactions.
First, the address shifted 37.9 million XRP to Bitstamp, a cex based in Luxembourg City, while in another transaction it moved 29.7 million XRP to Bitso, a CEX based in Mexico City. Surprisingly, these transfers to Bitstamp & Bitso have recently emerged as a recurring phenomenon following Ripple’s strategic acquisition of stakes in the aforementioned CEXs.
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XRP Price Arcs
As of press time, XRP price has increased by a significant 1.83% in the last 24 hours and is currently trading at $0.5041. However, there is a 1.54% decline on the weekly chart, accompanied by a 20.31% monthly decline.
In particular, today’s price increase appears to be in line with XRP being massively locked in escrow at Ripple, as tokens are removed from the total circulating supply until certain conditions are met. Meanwhile, XRP Whale, a famous crypto market enthusiast, increased market optimism for the Ripple-backed token and said, “XRP is about to rise.”
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