In a recent development, Whale Alert has reported that some big-time anonymous XRP holders moved 25,400,000 XRP twice, each batch valued at $15,426,739, to two well-known exchanges – Bitstamp in Europe and Bitso in Mexico.
These exchanges work closely with Ripple to facilitate cross-border payments using RippleNet and XRP. This process allows for swift and affordable transfers in XRP, which are later converted to the local currency once they reach the destination exchange.
The significant transfer has made people in the crypto community wonder how it might affect XRP’s price. Traders and fans are paying close attention because it could signal essential changes in the market or what investors think. At the time of writing, XRP is trading at $0.59 and is down by more than one percent.
Reacting to the latest news, one of the social media users wrote, “Little dump before the next leg up?”
Regarding cryptocurrencies, Ripple’s XRP has a unique way of managing its tokens. It uses an escrow system to release a set amount of XRP each month. This controlled approach, releasing 1 billion XRP monthly for 55 months, helps keep XRP stable and its supply in check.
It was previously reported that Ripple Labs has grabbed the attention of crypto followers once again. According to recent data from Whale Alert, a big transfer of 800 million XRP tokens took place, and they’re going back into Ripple’s savings account. This happens every month when Ripple unlocks one billion XRP tokens, which they’ve been doing since 2017 to help keep the price of XRP steady.
What’s interesting is that these 800 million XRP tokens were returned in two separate transactions, each involving 400 million XRP. Looking closely at the data from XRP Scan, the first 400 million XRP went back into escrow from an address called ‘Ripple 10.’ Before this, ‘Ripple 10’ had received these tokens from two other addresses: Ripple 22 and Ripple 23.