The cryptocurrency community was abuzz with speculation on Thursday as Ripple, the 6th largest cryptocurrency by market capitalization, made headlines.
Two significant whale transactions and the locking of 800 million XRP in escrow by Ripple captured the attention of crypto enthusiasts worldwide. According to data from the blockchain tracker Whale Alert, a staggering 867.6 million XRP was on the move, sparking intense interest.
Of the total XRP transferred, 800 million tokens found their way into escrow at Ripple, a move aimed at securing and stabilizing the token’s supply. Meanwhile, 67.6 million XRP made their way to various cryptocurrency exchanges (CEXs), adding complexity to the evolving crypto landscape.
Other Notable XRP Ripple Transfers To Monitor
Notably, a portion of the XRP was transferred to CEXs Bitstamp and Bitso through a series of transactions initiated by a specific wallet address.
In the first transaction, 37.9 million XRP made its way to Bitstamp, located in Luxembourg City, followed by a second transaction transferring 29.7 million XRP to Bitso, based in Mexico City.
🚨 37,900,000 #XRP (19,149,445 USD) transferred from unknown wallet to #Bitsohttps://t.co/b6bZY02S8K
— Whale Alert (@whale_alert) February 1, 2024
At the time of reporting, the price of XRP has experienced a modest increase of 2.17% over the past 24 hours, with its current trading value at $0.5038.
The surge in whale activity and the strategic escrow locking by Ripple have added intrigue to the XRP market, prompting investors and analysts to closely monitor developments in the coming days.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: promesaartstudio/123RF // Image Effects by Colorcinch
