Category: Forex News

800 Million XRP Moved to Ripple Escrow Amid Impressive Price Surge

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According to a series of recent tweets published by the prominent cryptocurrency tracker Whale Alert, Ripple giant has made a series of large XRP transfers to escrow, locking those funds.

This has taken place today, March 2, after a regular unlock of 1 billion XRP a day before. Besides, less than a week ago, there was another major transaction associated with the Ripple escrow, which set the Ripple community abuzz as a large XRP chunk was released.

In the meantime, the sixth largest cryptocurrency in terms of market capitalization value, XRP, has demonstrated an impressive price increase within the last 24 hours.

Ripple locks up 800 million XRP

Even though the above-mentioned cryptocurrency tracking platform did not post any tweets about Ripple unlocking 1 billion XRP on March 1, the release of the funds from escrow most likely did take place since it happens on the first day of each month on a regular basis, it has been so since 2017.

Now, Whale Alert has reported that almost all that massive XRP sum was put back in escrow, sending there 500 million, 200 million and 100 million XRP. Cumulatively, this amount of XRP is equal to almost $476 million in fiat. Curiously, some commentators stated that the XRP community is looking forward to a major XRP burn, rather than movements from and to Ripple escrow.

However, despite the likely release of 1 billion XRP on Friday, Ripple has recently puzzled the XRP community by unlocking a massive 400-million XRP chunk on Feb. 25 evaluated at $427 million at the time when the transaction was made.

The timing was totally unexpected by the Ripple community, therefore that escrow transaction sparked massive intrigue among XRP holders around the world. However, some in the XRP army seemed to conclude that this was part of the planned February escrow XRP release, which supposedly did not take place.

XRP major price increase

Within the last 24 hours, XRP has conducted a major price increase, rising by more than 9%, reaching the $0.6400 level.

Since the start of the week, the increase comprised a staggering 20.68% as XRP surged from the $0.52993 price mark.

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