Millions of XRP deposited in Bitstamp as price rises 5%

Millions of XRP deposited in Bitstamp as price rises 5%

According to data published by the popular platform Whale Alert, which tracks large cryptocurrency transfers and shares their details on the social network X/Twitter, word is spreading about a large movement of XRP detected in the last 24 hours.

According to data published by the popular platform Whale Alert, which tracks large cryptocurrency transfers and shares their details on the social network X/Twitter, word is spreading about a large movement of XRP detected in the last 24 hours.

With this massive transfer, almost twenty million US dollars worth of XRP was sent to a major cryptocurrency exchange.

Meanwhile, the price of XRP has seen a notable increase in the last 24 hours.

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Millions of XRP on the way to Bitstamp

According to a tweet posted by the aforementioned source, the anonymous wallet owner transferred a total of 27,700,000 XRP. This amount of Ripple-affiliated cryptocurrency was valued at $17,264,639 when the transfer was made almost 17 hours ago.

The transaction was made to Bitstamp; However, the real initiator appears to be the decacorn blockchain Ripple Labs – the sender’s wallet is related to this company, according to the Bithomp XRP Ledger explorer. Thus, Ripple sold XRP worth $17.2 million. Meanwhile, in the last 24 hours, XRP price demonstrated a notable 4.81% increase followed by a small drop today. At the time of writing, XRP is exchanging hands at $0.63244 per coin on the Bitstamp cryptocurrency exchange.

Ripple releases 1 billion XRP and locks part of it

As a new year and a new month began, blockchain heavyweight Ripple carried out a scheduled release of a staggering 1 billion XRP from escrow. This practice began in 2017, when Ripple decided to support XRP liquidity in the cryptocurrency market, and has been releasing 1 billion coins every month since then. These XRP releases by Ripple are expected to stop once they have shipped the 55 billion XRP reserved especially for this.

However, once each new billion XRP is released, typically 700 or 800 million XRP are returned and locked in escrow until the following month arrives.

This time, on January 1, Ripple unlocked an impressive 1 billion XRP in three transfers, with 500 million, 400 million, and 100 million XRP each, worth $305,711,372, $244,569,098, and $61,142,274 in fiat.

Exactly the same day, a huge amount of 500 million XRP and 300 million XRP were returned to escrow and locked there until next time.

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