The prominent blockchain tracker whale alert, which monitors large cryptocurrency transfers, discovered three large transactions recently conducted by Crypto Behemoth Ripple.
Over $2 billion in XRP has been shifted in three moves. Meanwhile, the top 10 cryptocurrency XRP was able to regain its $3 level after showing a 4.17% decline a day ago.
Ripple locks 700 million XRP to Escrow
The above data source revealed details of three mammoth cipher transactions in an X account. A few hours ago, 100,000,000 XRP, 500,000,000 XRP, and 100,000,000 XRP moved to Ripple and locked into an escrow account.
These crypto transactions were worth $296,413,204, $1,480,487,661, and $296,148,353-$200,780 million.
Traditionally, on the first day of the new month, Ripple unlocks 1 billion XRP from escrow, locking around 80% (800,000,000 XRP) of this amount. This year, Ripple’s XRP escrow release has locked back its XRP backpack and shifted from the second to third day of the new month. Today is August 2nd.
Previously, Whale Alert discovered two other giant transactions. The $591,867,292 worth $886,312,662 and the 200,000,000 XRP worth 300,000,000 XRP worth 300,000,000 XRP moved from an unknown wallet to Ripple. These transfers may have also been linked to Ripple Escrow.
XRP recovers after recent drawdowns
This week, the Crypto market was pushed into the red zone on Wednesday, with Fed Preparatory Committee Chairman Jerome Powell announced that interest rates will remain at current levels without cutting. Bitcoin responded by going down, and the rest of the market responded as well according to its price curve.
XRP lost more than 10% as it fell from its local high of $3.32 from Wednesday. On Friday, XRP dropped out of 4.2%. Today we attempted a 3.35% recovery and recovered $3 for a short time, but continued to fall by 1.28%. At the time of writing, XRP has changed hands for $2.98.