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100 million XRP transferred from escrow wallet by Ripple

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Although Ripple (XRP) has been replaced by the US dollar-backed stablecoin, Tether (USDT) as the third-largest digital currency, this hasn’t stopped the millions of dollars XRP moved. Digital currency exchanges, including Ripple itself, recently moved a large amount of cryptocurrency. 

Ripple moved 125.5 million XRP 

According to Whale Alert, a digital currency transaction tracker, the blockchain company behind XRP, Ripple moved large units of XRP from its escrow wallet. The amount of XRP transferred from the wallet totaled 100 million, per the bot.

The XRP transferred from the escrow account came two hours after the blockchain company moved 25.5 million XRP to BitGo, a digital currency wallet provider. The total 125.5 million XRP transfers summed up to $25,216,255, at the time of writing. 

The 100 million XRP transferred from the escrow wallet seems not to be planned, as the blockchain company would only move the funds from this particular account at the beginning of every month. Specifically, one billion units of the digital currency are usually transferred from this wallet in two different transactions of 500 million XRP each.

Following a series of tweets last year by Brad Garlinghouse, the XRP unlocked from the escrow account would be used for charity and other Investment purposes. Perhaps, it is aimed at increasing the overall liquidity of the now fourth-largest cryptocurrency. Reportedly, only 80 percent of these XRPs usually return to the escrow wallet.

Crypto companies conducted over $18 million XRP transfers 

Meanwhile, the XRP-dedicated transaction tracker, XRPL Monitor, spotted other transactions carried out by crypto exchanges and crypto companies, which amounted to millions of dollars. Calculatedly, all XRP transfers from these companies nailed $18,769,363, with 92.6 million XRP.

The cryptocurrency companies that performed these transactions include Bithumb, the leading Korean crypto exchange, the Ripple Github Giveaway wallet, and BitGo.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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