Ripple LabsThe leading US-based payments company has locked a significant amount of XRP tokens in its escrow wallet as part of a monthly unlock program to help strengthen the ecosystem and XRP.
Ripple withdraws 800 million XRP
According to a recent report from on-chain tracker Whale Alert, Ripple has withdrawn approximately 800 million XRP tokens. This is not surprising, as the transactions specified have been repeatedly made by the payment company.
The payments company locked up the aforementioned funds following the launch of 1 billion XRP per month, which caught the attention of the cryptocurrency industry. According to Whale Alert, the company conducted the transaction in two separate transfers.
Ripple for your first transaction locked 500 million XRP tokens, valued at $253 million at the time of reporting. According to data from XRPScan, 500 million XRP was initially transferred from “Ripple 23” to “Ripple 11” wallets before being locked.
Meanwhile, the second transaction I saw 300 million XRP, worth approximately $151 million, will be transferred to the company’s escrow wallet. According to data from XRPScan, Whale Alert revealed that the transaction was performed from another wallet address identified as “Ripple 10.”
The company launched XRP. escrow Retained on the 1st of every month. This process is a component of Ripple’s strategy to regulate the amount of XRP in circulation and maintain stability in the dynamic world of digital assets.
After initially accounting for 55% of the total XRP supply, the escrow account now owns 40.7% of the supply. This is the result of a gradual unlocking process since it began in December 2017.
As of December 2017, the company held 55 billion XRP as part of its escrow system initiative. XRP Ledger (XRPL).
XRP Whales in Dumping Practices
Whale Alert also detected large dumps of XRP from cryptocurrency exchanges (CEX). Whale Alert reported that more than 67 million XRP was observed moving to the Bitso and Bitstamp platforms.
Additional data shows an unknown wallet address: r4wf7enWPx… 5XgwHh4Rzn transferred 37.9 million XRP to Bitso-based wallet addresses. The value of the funds at the time of transfer was approximately $19 million.
Later, 29.7 million XRP moving It will be offered to Luxembourg-based cryptocurrency exchange Bitstamp in a separate transaction. According to the tracker, about $15 million worth of transactions were made to the same wallet address. This particular wallet address has been doing this kind of thing. transaction For now, go to CEX for a while. It is believed that this could be due to Ripple’s strategic partnerships with these centralized exchanges.
price XRP It is still trading at $0.505, down more than 2% last week. The market capitalization is currently up 2%, but trading volume is down over 36% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
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