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HomeCrypto NewsMarketRipple Locks 600M XRP in Escrow, as Whales Move 612M XRP

Ripple Locks 600M XRP in Escrow, as Whales Move 612M XRP

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Leading blockchain company Ripple has locked a whopping 600 million XRP tokens in escrow. 

According to data from Whale Alert, a cryptocurrency whale tracking service, Ripple locked 600M XRP tokens worth $246.6M in its escrow wallet. It bears mentioning that Ripple first moved the funds from two of its wallets to the escrow wallet before locking them in escrow. 

The first transaction took place around 12 hours ago. According to Whale Alert, Ripple transferred 500M XRP ($200M) to its escrow wallet. A few minutes later, Ripple moved another 100M XRP tokens ($39.65M) to the escrow wallet. 

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Immediately after the funds were deposited in the escrow wallet, Ripple then locked the 600M XRP in escrow in two different transactions. Around 13 hours ago, the leading blockchain company locked the first 500M XRP tokens in escrow, while the second transaction took place a few minutes later. 

It is worth noting that the transaction occurred a few hours after Ripple unlocked 1 billion XRP as part of its monthly token unlock initiative. 

Whales Move Over 612M XRP 

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Meanwhile, Whale Alert also observed large amounts of XRP tokens transferred by cryptocurrency whales before and after Ripple locked 600M units of XRP in escrow. Interestingly, Ripple was involved in the latest round of XRP movements. 

Per Whale Alert, an anonymous whale moved 300M XRP tokens worth $119.48M to Ripple. Notably, the transaction occurred an hour before Whale Alert shared details of the 600M XRP tokens locked in escrow by Ripple. 

Around 10 hours ago, a whopping 206,581,145 (206.58M) XRP tokens were sent from an unknown wallet to another anonymous address. The transaction was valued at around $83.76 million. 

Earlier today, an unknown whale transferred 35M XRP tokens ($14.5 million) to a Bitstamp-affiliated wallet. In a similar development, another unknown cryptocurrency whale moved 26M XRP ($10.7M) to Latin American exchange Bitso. 

Whale Alert observed another large XRP movement today involving the Latin American cryptocurrency exchange. The anonymous whale withdrew 45.4M XRP tokens worth about $18.9M from the Bitso exchange this time. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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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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