1 billion XRP unlocked from a pledge on an unknown wallet; Over 400 Million XRP Moved in Less Than 24 Hours – Times Tabloid

Less than 24 hours into the new month, huge transactions involving Ripple’s digital token, XRP, have already been recorded. While XRP whales have moved over 200 million XRP to and from exchanges, a total of one billion units of XRP have been released from escrow in unknown wallets.

According to recent updates from Whale Alert, the large crypto transaction tracker, a cumulative total of 1 billion units of Ripple’s XRP digital token have recently been unlocked from escrows of unknown wallets.

As reported by whale transaction tracker, this huge amount of XRP was unblocked through three different transactions, in less than 24 hours.

The first trade involved a total of 500,000,000 XRP worth $163,524,642, while the second trade involved 300,000,000 XRP worth $98,114,785 at the time of execution.

In the third transaction, 200,000,000 units of the native Ripple blockchain token worth $65,409,857 were unlocked from an escrow of an unknown wallet.

Read also : Crypto Whale Collects Another 500 Million XRP and Spends Just $0.0000039 in Fees

Although the purpose of these token unlocks is not categorically stated, it should be noted that every first day of the month, Ripple typically unlocks 1 billion XRP from a trusted third party.

Thereafter, the crypto solution company typically locks 800 million units of the unlocked XRP. The remaining 200 million XRP is channeled to cover business expenses for the month. Also, Ripple uses this monthly token unlock to increase XRP liquidity.

Ripple’s major spending at the moment is in line with the ongoing XRP lawsuit filed against the San Francisco-based company by the United States Securities and Exchange Commission (SEC).

Brad Garlinghouse, the CEO of Ripple, noted earlier that the company will spend over $100 million in the ongoing legal battle with the securities watchdog.

Read also : Brad Garlinghouse: Ripple would spend over $100 million to fight SEC in ongoing XRP lawsuit

Whales move over 400 million XRP

Along the same lines, XRP whales continue to move huge amounts of Ripple digital tokens from and to major exchanges.

In less than 24 hours on September 1, whales moved approximately 404,600,000 XRP tokens using multiple wallets and exchanges, including Bitstamp, Bitso, and Crypto.com.

The largest transaction to date was spotted between two Ripple (XRP) wallets. 180,000,000 XRP worth $58,321,683 were transferred from an unknown wallet to another unknown wallet.

Also Read: SEC Attorney John Deaton: Chase the Ripple if You Have a Deal, But Don’t Hurt XRP Investors

Similarly, 74,600,000 XRP worth $24,449,887 was transferred from Bitso to the unknown wallet. While 60,000,000 XRP worth $19,608,844 was transferred from an unknown wallet to Bitso.

A 50 million Ripple digital token worth $16,380,167 was also transferred from Crypto.Com to an anonymous wallet. Another mysterious whale wallet moved 40,000,000 XRP worth around $13 million to Bitstamp.

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