800 Million XRP Moved to Ripple Escrow Amid Stunning Price Surge

800 Million XRP Moved to Ripple Escrow Amid Stunning Price Surge

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

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

This took place today, March 2, after a regular unlock of 1 billion XRP a day earlier. Additionally, less than a week ago, there was another major transaction associated with Ripple escrow, which caused quite a stir in the Ripple community when a large chunk of XRP was released.

Meanwhile, the sixth largest cryptocurrency in terms of market capitalization value, XRP, has demonstrated an impressive price surge in the last 24 hours.

Ripple blocks 800 million XRP

Although the aforementioned cryptocurrency tracking platform did not post any tweets about Ripple unlocking 1 billion XRP on March 1, the release of escrow funds likely took place as it occurs on the first day of every month of regular way. , this has been the case since 2017.

Now, Whale Alert has reported that almost all of that huge sum of XRP was returned to escrow, sending 500 million, 200 million, and 100 million XRP there. Altogether, this amount of XRP is equivalent to almost $476 million in fiat money. Interestingly, some commentators claimed that the XRP community is expecting a major burn of XRP, rather than movements to and from Ripple escrow.

However, despite the likely release of 1 billion XRP on Friday, Ripple has recently baffled the XRP community by unlocking a whopping 400 million chunk of made the transaction.

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

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Significant XRP price increase

In the last 24 hours, XRP has made a significant price increase, rising more than 9%, reaching the $0.6400 level.

Since the beginning of the week, the increase was a staggering 20.68% as XRP rose from the price of $0.52993.

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