With over a billion XRP tokens transferred, are whales getting jittery
Ripple Labs Unlocks 700 Million XRP From Escrow, While Locking Another 800 Million In Different Transactions.
Ripple unlocks hundreds of millions of XRP and also locks more than the number of tokens unlocked in a bid to protect the coin’s price from dumping.
In a recent development spotted by WhaleStats, a blockchain company that tracks large and attractive cryptocurrency transactions, Ripple unlocked 700 million XRP tokens from its escrow wallet yesterday.
According to data provided by WhaleStats, Ripple unlocked the 700 million XRP coins in two separate transactions. In one of the transactions, 500 million XRP ($304.9 million) was unlocked from Ripple’s escrow wallet. In comparison, the other transaction saw a total of 200 million XRP ($121 million) released from the account.
Ripple Locks 800 Million XRP In Escrow
Meanwhile, after the Ripple team unlocked the tokens from its escrow Wallet, the blockchain company also proceeded to lock another 800 million XRP as part of an effort to reduce the number of XRP in circulation and to further prevent the price of the digital currency from crashing.
Per data on WhaleStats, Ripple sent the tokens to its escrow wallet in three separate transactions.
Ripple Protecting XRP Price
The unlocking of XRP from the Ripple Escrow wallet has become a normal practice by the blockchain company. Recall that the Ripple team is holding a large percentage of XRP in escrow.
Ripple Labs disclosed that it is holding XRP in its Escrow wallet to reduce the number of XRP in circulation and protect the price from dumping.
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However, the Ripple team noted that it would gradually release the tokens held in Escrow into the market. It is worth noting that the gradual release of XRP tokens from the Ripple Escrow wallet is part of an effort to protect the cryptocurrency price from dumping.
Since the XRP token price has suffered heavily following the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC), the team behind the blockchain company has devised techniques to sustain the value of XRP.
After releasing a significant amount of XRP tokens from escrow, the Ripple team usually locks most of the coins in the wallet afterward.
Last month, Ripple used this method to unlock 1 billion XRP from its escrow wallet.
At press time, XRP is trading around $0.62, up over 5% in the last 24 hours, according to Coingecko data.
A bot designed to track on-chain XRP transfers observed multiple large transactions in the last 24 hours. This includes the two major transactions of 500,000,000 XRP each.
The bot registered multiple transactions within the last 24 hours. The regular range seems to be between 5 million to 40 million coins, hence 2 transactions carrying 1 billion coins in total are worth noting. An interesting observation is that the transactions have taken place at a significant point in XRP’s price action.