As November kicked off, Ripple blockchain titan, famous for its multiple partnerships with global financial institutions that use XRP-based cross-border payments, unleashed a billion XRP – a regular practice that Ripple has established since 2018 to happen on the first day of every month.
The price reacted to that billion-XRP release with a mild 3% decline. Today, as happens traditionally, Ripple has locked almost all of the released coins back into escrow.
800 million XRP sent back behind lock and key
Whale Alert crypto tracker has reported that over the last 24 hours, Ripple fintech behemoth transferred nearly all of the released XRP – 800 million – back to escrow, keeping only 200 million coins from that release to inject them into the crypto market later.
These hundreds of millions of XRP that Ripple traditionally keeps releasing, a billion XRP are likely to be spent on the needs of the company, such as its operational expenses, or sent to crypto exchanges to support the coin’s liquidity and/or transferred to various financial institutions that partnered with Ripple in the past, so that now they utilize XRP.
The amount of 800 million XRP constitutes roughly $476.7 million in fiat.
Aside from that, Whale Alert reported today that it had spotted 18.7 million XRP moved from an anonymous address of a whale to the Bitso crypto exchange.
Bitso is a crypto unicorn based in Mexico and the largest crypto exchange by volume in the whole Latin America region. Ripple invested an undisclosed sum in Bitso back in 2019 and, since then, the platform has been its On-Demand Liquidity (ODL) partner, promoting and spreading this technology around the region.
Recently, Ripple chose to rebrand ODL simply into “Ripple Payments” to make it sound easier for outsiders.
Anonymous whale shifts 400 million XRP
On Nov. 1, Whale Alert also detected a massive single XRP transfer made from one undisclosed wallet to another. This transaction carried 412,890,441 XRP in total worth $248,922,341.
Data provided by the XRP-focused explorer Bithomp confirms that these wallets belong to anonymous investors, also known in the community as whales. These crypto holders have been actively moving large amounts of XRP recently, redistributing their riches and accumulating more XRP on the dip.
XRP price action
Over the span of the last 48 hours, the fifth largest cryptocurrency in terms of market capitalization value has added 6.13% to its price, rising by over 6% and trading at $0.61908 at the time of this writing.
Over the past week, the growth printed by XRP has been more than twice than that mentioned above – 14.14%.
Sourced from u.today.
Written by on 2023-11-29 05:54:22.
