In this ongoing bullish market sentiment, recent data related to the world’s 7th biggest cryptocurrency, Ripple, has gathered massive attention from crypto enthusiasts and investors. On June 3, 2024, the blockchain transactions tracker Whale Alert identified and reported the transfer of 3 billion XRP tokens worth $1.5 billion in several transactions. $1.5 billion worth of XRP transactions 
With these massiveXRP transactions, there is a high possibility that the XRP token price may be influenced. Ripple, the company behind XRP, typically releases around 1 billion tokens from its escrow wallet at the beginning of each month. However, this month’s large-scale transfers have taken the crypto community by surprise, leading to various speculations. 
Following this incident, a crypto commentator and host of X Space, Marty Party, highlighted that the 3 billion tokens represent 5.45% of XRP’s total circulating supply and were moved between Ripple-affiliated wallets within 30 minutes. Some community members explained that these transactions are standard fund consolidations related to escrow activities. Of the 3 billion tokens, 1 billion worth $520 million was unlocked from Ripple’s escrow address.
“Most of these are internal movements and escrow relock-ups. When it says ‘unknown’ account, the bot was wrong – it was still a Ripple account,” clarified crypto analyst Michael Nardolillo.
Amid ongoing development and massive XRP transfers, on June 3, 2024, whales withdrew a massive 77 million XRP tokens worth nearly $40 million from Binance, highlighting investors’ and whales’ interest and confidence in XRP. On the other hand, recently a whale moved a massive 29 million XRP tokens worth $15 million from a wallet to the Bitstamp cryptocurrency exchange. XRP price-performance analysis 
After these massive XRP token transactions and these whale actions, the price of <a href="https://news.todayq.com/sec-challenges-ripples-attempt-to-seal-evidence-xrp-jumps-6/" rel="noopener noreferrer nofollow">XRP tokens</a> remained stable. Currently, the XRP token is trading near $0.52, and in the last 24 hours, it experienced a decent 0.5% positive movement. Looking at the performance of the XRP token over a longer period, in the last 7 days, it remained stable. Whereas, in the last 30 days, the XRP price remained stable.
Despite the stability in the price of XRP tokens, the 24-hour trading volume increased by 70%, highlighting investors’ and traders’ participation in XRP tokens. Moreover, other cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and others, experienced decent upside momentum in the last 24 hours.

3 Billion XRP on the move, Is Ripple behind this?

Todayq News

Other articles published on Jun 3, 2024

TrumpCrypto.io Launches $TRUMP Coin with Focus on Social Impact and Practical Uses

SingularityNET announces ASI token merger dates for FET, AGIX, OCEAN

Pepe Price Prediction: PEPE Plummets 11% In A Week As Investors Rush To Buy This DOGE 2.0 ICO Wit...

BlockDAG’s Updated Dashboard Ignites $1 Price Prediction, Surpassing Toncoin News and ThorChain R...

Bitcoin On-Chain Activity Surge to $25 Billion, Marking Yearly High

'Dogecoin Killer' Shiba Inu Burn Rate Spikes 1,442%, Trader Predicts Price 'Potentially Doubling ...

Join our free newsletter for daily crypto updates!