Ripple Unloads Billions of XRP, Whales Spot An Opportunity

Whale Alert has yet again alerted users to another routine withdrawal of XRP coins from one of its escrow addresses by the financial behemoth Ripple.

The San Francisco-based crypto giant Ripple Labs has started taking out one billion of these coins every month on the first. According to data from the XRParcade platform, Ripple has been engaging in this activity for 62 months. 

Ripple released billions of the tokens as part of its latest escrow fund release. For the past 10 hours, the token’s EscrowBot has recorded four transactions, each carrying two 400,000,000 and two 100,000,000 XRP.

According to the data, Ripple has released 1 billion XRP tokens through various transactions, which are roughly worth $378 million. This indicates that there are currently close to 51 billion XRP coins on the market. 51% of the overall supply is made up of this.

Whale interest in Ripple’s native cryptocurrency has increased as the summary judgment in the XRP lawsuit draws closer. The top 100 whale wallets own over $26.8 million worth of XRP, according to data released by the BSC whales. 2.36% of their holdings are represented by this.

A whale transferred over 41 million XRP to the cryptocurrency market Bitstamp in order to sell its investment. The whale has transferred XRP tokens valued at $15.88 million so far to the cryptocurrency.

Awaiting summary judgment in the XRP lawsuit has caused the price of Ripple’s native cryptocurrency, XRP, to remain unchanged over the past few weeks.

IlThe US district court decision in favor of Ripple is anticipated to have a significant impact on the XRP price. The sixth-largest cryptocurrency, has seen a decent rise in price during the last day of about 1%.