Thursday, September 29, 2022
HomeCrypto NewsMarket172 Million XRP Transferred Between Exchanges And Unknown Wallets, As Ripple Locks...

172 Million XRP Transferred Between Exchanges And Unknown Wallets, As Ripple Locks 700 Million XRP in Escrow  

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Following Ripple’s monthly token unlock initiative, there has been a large movement of XRP in the last 24 hours. 

According to data shared by popular cryptocurrency whale tracking service, Whale Alert, over 172 million XRP have moved from two crypto exchanges to unknown wallets and vice versa in the last 24 hours. 

Details of the Transactions

These XRP movements occurred in three separate transactions. For the first transaction, a total of 60 million XRP worth $22.47 million was sent from an unknown wallet to the Bitstamp exchange. 

A few moments later, Whale Alert shared another transaction detail, showing the movement of 62.56 million XRP worth $23.43 million from Bitstamp exchange to an unknown wallet. 

Lastly, the popular cryptocurrency whale tracking platform also shared details of a transaction involving the movement of 50 million XRP ($19.13 million) from exchange to unknown wallets. 

Not New

This is not the first time that a large volume of XRP coins has been transferred from cryptocurrency exchanges to unknown wallets and vice versa. 

Several of these transactions have been recorded in recent times. Last week, a total of 356 million XRP flowed between unknown wallets and cryptocurrency exchanges, with Bitstamp being the major player in these transactions. 

It was expected to see Bitstamp as the main player of recent whale XRP transactions, considering that Ripple’s former CTO Jed McCaleb sold most of his XRP allocation via the exchange. 

Ripple Locks 700 Million XRP in Escrow

Meanwhile, before these transactions took place yesterday, a large amount of XRP was unlocked and put back in Ripple’s escrow. 

As reported by TheCryptoBasic, 900 million XRP were unlocked from an unknown escrow wallet yesterday. The transaction corresponds with the timing of Ripple’s monthly token unlock initiative. 

Less than 24 hours after the nearly 1 billion XRP coins were unlocked, 700 million XRP have been locked back in escrow. 

The funds were locked in two separate transactions, containing 300 million XRP and 400 million XRP, respectively. 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.


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