Ripple Locks 800 Mln XRP in Escrow Amid Soaring Whale Activity, What’s Happening?

XRP, one of the most prominent cryptocurrencies by global market cap, birthed a hurricane of speculative buzz across the broader crypto market on Thursday following two noteworthy escrow locks and two significant whale transactions noted by the Ripple-backed token. On-chain data highlighted by the blockchain tracker Whale Alert suggests a staggering 867. 6 million XRP was on the move today, nabbing significant attention globally. Out of these XRP, 800 million tokens were locked in escrow at Ripple, whereas 67.6 million XRP was dumped to CEXs. Meanwhile, the XRP price also showcased a jump today, aligning with the significant locking of XRP in escrow at Ripple.

Ripple Locks Escrow Amid Soaring Whale Dumps

According to the blockchain tracking platform Whale Alert, XRP was locked in escrow today via a series of two transactions. The first transaction showcased the locking of 300 million XRP in escrow at Ripple by the address r9U…iYp. Whereas, in another transaction, the address rB3…cPn locked 500 million XRP in escrow at Ripple. The locked XRP tokens totaled $404.86 million as of press time, piquing traders’ and investors’ interest across the crypto market.

On the other hand, XRP transfers to CEXs Bitstamp and Bitso appear to have birthed additional inferences across the crypto horizon. As per Whale Alert’s data, the wallet address …Rzn, shifted 67.6 million XRP to the aforementioned CEXs in a series of two transactions.

Firstly, the address shifted 37.9 million XRP to Bitstamp, a Luxembourg City-based CEX, whereas, in another transaction, it moved 29.7 million XRP to Bitso, a Mexican City-based CEX. Intriguingly, these transfers to Bitstamp & Bitso have recently emerged as a recurring phenomenon following Ripple’s strategic stake acquisition in the above-mentioned CEXs.

Also Read: Crypto Prices Today: Bitcoin, Ethereum, Solana, Pepe Coin Rebound As PYTH Leads Rally

XRP Price Springs

As of writing, the XRP price showcased a noteworthy surge of 2.04% over the past 24 hours and is currently trading at $0.506. However, the weekly chart portrayed a 1.54% drop, further accompanied by a 20.31% monthly plunge.

Notably, today’s price pump seems to be aligning with the massive locking of XRP in escrow at Ripple, as the tokens are removed from the total circulating supply till certain conditions are met. Meanwhile, XRP Whale, a renowned crypto market enthusiast, propelled market optimism for the Ripple-backed token, stating, “XRP is about to moon.”

Also Read: Tether CEO Slams JPMorgan on Latest USDT Report And ‘Negative’ Outlook

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