Ripple Escrows 800M XRP Amid Rising Whale Moves

XRP, a leading cryptocurrency in terms of global market capitalization, stirred significant speculation within the broader crypto market on Thursday. This surge in interest followed two notable escrow locks and two substantial whale transactions associated with the Ripple-backed token. On-chain data reported by the blockchain tracker Whale Alert indicated a remarkable movement of 867.6 million XRP, capturing widespread attention internationally. Among these tokens, 800 million were securely locked in escrow at Ripple, while 67.6 million XRP found its way to various CEXs. Simultaneously, the XRP price experienced an upward trajectory, coinciding with the substantial escrow locking at Ripple.

Ripple Executes Escrow Locks Amidst Notable Whale Transactions

Whale Alert’s blockchain tracking platform documented the escrow locking of XRP through two distinct transactions. In the initial transaction, an address identified as r9U…iYp secured 300 million XRP in escrow at Ripple. Subsequently, another address, rB3…cPn, executed a separate transaction, locking 500 million XRP in escrow at Ripple. The total value of the locked XRP tokens reached $404.86 million at the time of reporting, generating heightened interest among traders and investors across the crypto market.

Concurrently, the movement of XRP to CEXs Bitstamp and Bitso added further layers of interpretation within the crypto landscape. According to data from Whale Alert, the wallet address …Rzn facilitated the transfer of 67.6 million XRP to the mentioned CEXs through 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.

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.

Related: Ripple Rattles Market with Successive XRP Sell-Offs

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.”