Recent movements in the cryptocurrency market have been characterized by increased XRP whale transactions, mostly involving Ripple. The FinTech firm has lately transferred a total of 104 million XRP from its escrow wallet to other addresses. The first batch of 50 million XRP was reported by Whale Alert to be transferred to an unknown address, but additional investigations suggested that it belongs to Ripple itself. This amount was unlocked from escrow by Ripple on May 1, and the company has since moved 100 million XRP out of the 300 million tokens released. Apart from this, other whales have also shuffled 54 million XRP to the UK-based crypto exchange Bitstamp. These transactions come at a time when analysts are concerned about the XRP price slipping below $0.40, though some are hopeful of a breakthrough to the $0.55 mark. Currently, XRP is down 6.56% in the past week and showing signs of recovery by increasing 2.4% on the day.
Talia Ross
- 2023-05-12
XRP Whale Transactions and Ripple Unlocks 100M XRP
Recent movements in the cryptocurrency market have seen increased XRP whale transactions, mostly involving Ripple. The FinTech firm has moved 100 million XRP out of 300 million tokens recently released from escrow. Analysts are concerned about XRP dropping below $0.40, though there is some hope of reaching the $0.55 mark.
