Ripple Unescrows 1 Billion XRP Tokens as Trader Moves 40,000 Bitcoin (BTC), Whale Alert Reports
If there is one constant in the crypto market is that you can always count on Whale Alert to warn you whenever huge amounts of crypto are being traded. Recently, Whale Alert made two important reports: Ripple, the company which created the XRP tokens, released one Billion XRP into the world and an unknown user moved 40,000 BTC around.
Ripple Unlocks One Billion Tokens
Ripple was responsible for moving one billion tokens yesterday. They were worth, at the time that Whale Alert reported them, 308,891,433 USD and went from the Ripple Escrow wallet, which freezes the tokens until they are sold, to an unknown wallet.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (308,891,433 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) May 1, 2019
Despite the high number, though, the move was not so atypical. Ripple opens up its escrow once a month to sell the tokens to institutions which want to use them to access their services like xRapid, xVia, and xCurrent.
Since Ripple owns more than half of all XRP tokens in circulation today, it tries to be very transparent with these transactions for the community not to accuse it of manipulating the market. By releasing a set amount each month, the company can keep its movements transparent.
Ripple (XRP) Live Price
1 XRP/USD =$0.2464 change ~ 2.46%
Trader Moves 40,000 BTC
While Ripple was taking its XRP out of the escrows, the Bitcoin network was also very busy. In the largest BTC transaction, a total of 40,000 tokens were moved around, being worth 212.3 million USD. The money was moved from one unknown wallet to another.
Other four large transactions happened on the same day: 4,824 BTC (around $25 million USD) were moved between two unknown wallets, 2,417 BTC (worth $12.8 million) went from Bitfinex to an unknown wallet, 999 BTC (around $5.3 million USD) went from Bitstamp to Bitfinex and, finally, 2,050 BTC (worth $10.9 million) was moved from an unknown wallet into a Bitfinex one. Quite a busy day.