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Ripple moves 1 billion XRP and locks up 800 million tokens before unlocking 500 million from escrow for the month of August.
The latest transactions from Ripple, which coincided with an XRP price correction below $0.58, were indexed by whale tracking resource Whale Alert. This slew of transactions involved a complex web of movements from Ripple using multiple addresses.
Ripple Moves 1B XRP, Locks up 800M
The movements began with two transactions from the Ripple address rw2..3wY. Notably, between 17:13 and 17:16 UTC yesterday, rw2..3wY moved 500 million XRP to two addresses also affiliated with Ripple. Specifically, 200 million first moved to Ripple address rBg..91m, then 300 million moved to rDd..eCK.
Some six minutes after the earlier set of transactions, another Ripple address rDq..EsF transferred an additional 500 million XRP to rKD..2op, an address also affiliated with the company.
Interestingly, after receiving the 500 million XRP, rKD..2op locked up all the tokens in escrow at 17:29 UTC. Before this escrow creation transaction, the Ripple address rDd..eCK, which received 300 million XRP during the initial transactions, also locked up all 300 million tokens in escrow.
Essentially, these transactions brought the amount of XRP moved by Ripple to 1 billion tokens within twenty minutes. In addition, at the time these movements were finalized, the payments company had locked up 800 million XRP in escrow.
Ripple Escrow Unlocks
Meanwhile, seven hours after the earlier transactions and the escrow creation exercise, Ripple escrow executions occurred. The firm witnessed the release of 300 million XRP from escrow into address rw2..3wY at 00:16 UTC today. Two minutes later, a subsequent execution released 200 million XRP into rw2..3wY.
🚨 20,000,000 #XRP (11,659,024 USD) transferred from unknown wallet to #BitGethttps://t.co/Tf2tlmNCru
— Whale Alert (@whale_alert) August 2, 2024
Cumulatively, these escrow executions saw the unlocking of a total 500 million XRP to address rw2..3wY. Recall that this address was involved in the earlier transactions that saw 500 million XRP tokens moved to two separate Ripple addresses. The escrow unlocks essentially replenished its balance, which currently sits at 500 million XRP.
Notably, August’s escrow execution exercise deviates from the typical practice of releasing 1 billion XRP on the first day of each month. This deviation has persisted throughout this year, with only a few months observing the usual practice. As is typical during these deviations, the remaining 500 million XRP could be unlocked later in the month.
XRP Drops Below $0.58
Meanwhile, the latest transactions coincide with a noticeable drop in XRP’s price. Recall that XRP initially outperformed the rest of the market in an impressive rally that saw it reclaim $0.65 on July 31. However, this $0.65 high involved a retest of the upper Bollinger Band on the daily timeframe.
XRP bulls could not muster enough strength to breach the resistance at the upper Bollinger Band, resulting in a retracement. Notably, XRP has now collapsed 7.94% in August, two days into the month. The crypto asset currently changes hands at $0.5732, down 3.73% this morning.