September 24, 2023

According to the Whale Alert report on its Twitter handle, there have been significant movements of XRP tokens between several crypto exchanges, with Ripple locking up the remains of the released assets in an escrow account.

Considering its size and market valuation, the token has become one of the top-performing tokens in the industry, attracting investors and traders drawn to it.

More than 313 million XRP tokens have been wired by Ripple and a handful of the top crypto exchange platforms, including two of Ripple’s ODL affiliates in Latin America and Asia.

More than 323 million XRP Moved

The Whale Alert tracked seven recent transactions carried out, holding 313.1 million XRP tokens. Each of the tracked tokens was transferred in parts depending on the exchange to which it was sent and the receiving partner.

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This large amount of XRP was moved between some of the top global exchanges, with the most active being U.S.-based Bittrex. Other exchanges that also took part in the movement of the funds include Binance, Bitstamp, and Coinone.

Ripple has transferred 75 million tokens between its wallets and sent out 30,000,000 tokens to its ODL corridors outside of the United States. Bitso, a part of Ripple’s corridor, was a recipient of 40,000,000 from Bittrex and moved 32,500,000 between its wallets.

At the time of writing, XRP is currently the seventh-largest cryptocurrency by market value, trading at $0.8475 with a rise of 3.66% in the last 24 hours, as reported by CoinMarketCap. Ripple’s native token has had relative success with its price performance because the token has managed to surpass expectations by surmounting its hurdles to attain the level it is currently at.

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800 Million XRP in Custody of Escrow

After the massive release of the XRP coins on April 1, an activity that has been consistently taking place dating back to 2017, Ripple subsequently shifted the remaining 800 million XRP back to Escrow which will be re-released in May 1.

Going by the remaining XRP in circulation, it will be used to complement the company’s operational costs and provide support to the XRP liquidity on the various exchange platforms.

The network has made it customary to release XRP on the first of each month to help consolidate the existing supply of the coin, balance any liquidity, cover expenses and support the various XRP performances on multiple fronts.

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Moreover, by putting any excess XRP in circulation, Ripple intends to balance the demand and supply of the coins, which is necessitated by keeping any potential holding of the token at bay.

Additionally, the massive movement of the XRP arises after the company has made adequate checks to forestall any incoming activities that could be detrimental to the stability of the token.

XRP managed to perform when other tokens were looking for a place to balance the supply and circulation of their tokens, and it is now left to investors to do the needful.

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