Millions

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Fintech giant <a href="https://u.today/xrp-lawyer-believes-ripple-will-trim-770-million-fine" rel="noopener noreferrer nofollow">Ripple</a> has returned 800 million XRP to its escrow, per Whale Alert data. As is customary, Ripple released 1 billion XRP from its escrow on the first day of December.
Three transactions made up the locking of the 800 million XRP back into escrow: First, <a href="https://twitter.com/whale_alert/status/1730676894574547160" rel="noopener noreferrer nofollow">500,000,000 XRP</a>, or half a billion, worth $304,378,440, was locked in Ripple escrow; second, 200,000,000 XRP, or $121,705,709, was locked; and third, 100,000,000 XRP, or $60,893,306, was locked in Ripple escrow in a separate tranche.
In 2017, Ripple introduced its escrow system, pledging to release 55 billion XRP over 55 months in monthly installments of 1 billion XRP.
<blockquote>
 🚨 17,900,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> (10,849,815 USD) transferred from <a href="https://twitter.com/hashtag/Bitso?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitso</a> to unknown wallet<a href="https://t.co/h5drkdL13V" rel="noopener noreferrer nofollow">https://t.co/h5drkdL13V</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1730587757242626198?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 1, 2023</a>
</blockquote>
By eliminating any unexpected shocks or dumps that can have an impact on the price of XRP, Ripple can transfer XRP to the market in a predictable manner, thanks to the escrow mechanism.
All 1 billion <a href="https://u.today/millions-of-xrp-sold-at-loss-as-price-dips-near-key-support" rel="noopener noreferrer nofollow">XRP</a> that Ripple unlocks each month is not sold or used, though. Usually, Ripple returns to the escrow roughly 800 million XRP and retains another 200 million XRP for its operating costs and other business ventures.
In another move, a stash of 17.9 million XRP exited the <a href="https://twitter.com/whale_alert/status/1730587757242626198" rel="noopener noreferrer nofollow">Bitso crypto exchange</a>. Whale Alert reports of a 17,900,000 XRP tranche worth $10,849,815 transferred from Bitso to an unknown whale wallet.
Exchange outflows are a sign that investors are shifting their funds into storage, which can be a bullish indication because it suggests that they may decide to hold onto their assets rather than sell them quickly. This suggests that investors might believe that prices are about to rise.
As of this writing, XRP was trading at $0.614, up 0.20% over the previous day.

Ripple Returns 800 Million XRP to Escrow, Whale Buys Millions More

U_Today

Other articles published on Dec 2, 2023

Cryptocurrency Price Analysis: Bitcoin Holds Steady as Altcoins Eye New Rallies

Spot Bitcoin ETF Talks: SEC Meets Grayscale for the Second Time

Spain Cracks Down on North Korean Cryptocurrency Conspiracy

President Nayib Bukele, Who Legalized Bitcoin in El Salvador, Resigns from Office

Top 3 Cryptocurrencies Under $1 Poised For Massive Growth: ARB, MATIC, And MANIA

AI Revolutionizes Pharmaceutical Research: Accelerating Drug Development

Join our free newsletter for daily crypto updates!