Ripple recently moved over 1 billion XRP tokens, subsequently locking 800 million of these back in escrow, following an initial release of 500 million tokens.
On-chain data, as sourced by whale-tracking platform Whale Alert, shows that the San Francisco-based blockchain technology firm carried out these movements across five transactions involving some of its widely utilized XRPL wallets.
For context, The Crypto Basic reported yesterday that Ripple deviated from its standard practice by releasing only 500 million XRP tokens from escrow on May 1, rather than the typical 1 billion. This marks a notable change in their usual escrow release process, a trend observed throughout this year.
Ripple Moves 1B+ XRP, Locks 800M in Escrow
Despite witnessing the release of just half of the monthly quota, Ripple continued its practice of locking back 800 million tokens. Notably, after seeing the release of 500 million XRP into one of its wallets, Ripple distributed these XRP between two separate wallets, allocating 200 million to one and 300 million to another yesterday.
Moments later, the wallet that received 300 million XRP locked all these tokens back in escrow in two separate transactions. Meanwhile, the address that received 200 million XRP has retained its tokens, maintaining a balance of 200 million XRP as of the latest update.
Within this period, Ripple moved an additional 500 million XRP tokens from a completely different wallet to another address managed by its team, bringing the total amount of XRP moved to 1 billion tokens across four separate wallets. Interestingly, the additional 500 million XRP were released from escrow last month.
Shortly after receiving the 500 million XRP, the recipient address returned the assets to escrow. This action increased the total number of XRP secured back in escrow to 800 million, consistent with the payments firm’s standard monthly practice.
Ripple continued its whale movements after moving 1 billion tokens and locking 800 million of XRP back in escrow. The company transferred 60 million XRP in two equal transactions to two separate wallets yesterday. Both wallets held onto the tokens at the time of reporting.
Despite the substantial price movements, XRP price has remained largely unaffected, with XRP now one of the few assets that have already set out on a recovery path alongside Solana (SOL) and Pepe (PEPE).
A Standard Practice
With 800 million XRP locked back in escrow and the remaining 260 million tokens retained across three different wallets, the recent fund movements have not rung any alarm bells as of press time. Notably, Ripple regularly executes these whale transactions every month, triggering concerns about selloffs among market participants.
Throughout January, the company transferred 253 million XRP within three weeks, with 80 million of these tokens coming from the month’s escrow release. Ripple further moved 60 million XRP in February and 130 million last month. These movements have often led to concerns about market dumps.
Meanwhile, the latest transactions occurred when XRP was recovering from the recent market dump. While Bitcoin (BTC) is down nearly 4% and Ethereum has dropped 2.29% over the last 24 hours, XRP has increased by 2% within the same timeframe, currently trading for $0.5108.
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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