A recent surge of XRP transfers has raised attention in the crypto community after nearly 900 million XRP coins were moved in two transactions within a single hour.
According to blockchain tracker Whale Alert , these transactions were conducted by Ripple. As XRP’s price also saw a modest increase over the same period, the market evaluated the implications of such large movements.
Ripple Moves 900 Million from Escrow
Ripple initiated two transfers , releasing 500 million and 400 million XRP from escrow wallets, valued at $254.7 million and $203.7 million respectively. Over the past couple of years, Ripple has released one billion XRP from escrow on the first day of each month to enhance its liquidity.
Generally, about 80% of each release returns to escrow for future monthly cycles. This regular release ensures the digital asset is accessible to financial institutions, Ripple’s primary clients across the U.S., Asia, and the Middle East, providing them with liquidity for payments and other services.
Whale Alert also tracked another large transfer—31.1 million coins—sent to Bitso , a major Latin American crypto exchange and Ripple’s partner. Bitso’s role includes supporting Ripple Payments, previously known as On-Demand Liquidity (ODL), for faster cross-border payments. This transaction, valued at around $15.8 million, was likely part of Ripple’s ongoing efforts to maintain liquidity in key markets.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Price Movement
Amid these transactions, the token experienced a 3% price rise, reaching $0.518 per coin. The seventh-largest cryptocurrency saw two notable hourly gains of 1.5% each, briefly increasing its market cap to $29.75 billion.
While Ripple’s large monthly releases can prompt short-term volatility, the native token’s price remains stable due to Ripple’s controlled escrow strategy.
Ripple’s recurring releases and large transactions show its commitment to maintaining XRP liquidity. The substantial but controlled flow of the digital asset into circulation appears to sustain demand without significant destabilization.
Ripple’s collaboration with exchanges like Bitso ensures liquidity in active markets, reflecting an ongoing effort to support the native token’s role in global financial services.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter , Facebook , Telegram , and Google News
