Crypto Whale Transfers 867.6 Million XRP

Whale XRP moves coins to another crypto wallet. (Photo; Doc. Alcrybto)

JAKARTA - XRP, one of the largest cryptocurrencies in the world by market cap, is in the spotlight on the crypto market on Thursday, after two large pickow lockdowns and two major transfers by coin holders. Escrow is a mechanism that locks XRP inside a contract that can only be opened if it meets certain conditions.

For your information alone, a lockdown is a process in which a trading cryptocurrency is stored by a trusted third party until the transaction is complete. This third party will release or return the crypto in accordance with payment confirmation or dispute. The emergency lockdown helps protect sellers and buyers from the risk of fraud in crypto transactions.

The on-chain data tracked by Whale Alert shows that around 867.6 million XRPs changed hands today. This fantastic number caught the attention of the crypto community. Of these, 800 million XRPs were locked in an adult in Ripple, a company supporting XRP development, while 67.6 million XRPs were sold to crypto exchanges (CEX).

According to Whale Alert, XRP was locked in an equals through two separate transactions. The first transaction locked 300 million XRP in an eskrow on Ripple by the address r9U...iYp. The second transaction locked 500 million XRP in an equals on Ripple by the address rB3...cPn. The total number of XRPs locked was around $404.86 million (Rp6.3 trillion) at the time of writing, sparking speculation among traders and investors.

On the other hand, the transfer of XRP to CEX Bitstamp and Bitso also raises speculation in the crypto market. According to Whale Alert, the wallet address... Rzn moved 67.6 million XRP to the CEX in two different transactions. First, the address moved 37.9 million XRP to Bitstamp, Luxembourg-based CEX. Second, the address moved 29.7 million XRP to Bitso, Mexico-based CEX. This transfer is interesting because Ripple has strategic shares in both CEXs.

XRP Price

Meanwhile, the price of XRP also showed a significant increase of 2.04% in the last 24 hours and is currently trading at $0.506 (Rp7,922). However, weekly graphs show a decrease of 1.54%, followed by a monthly drop of 20.31%.

This price spike appears to be in line with XRP's major lockdown in an eskrow in Ripple, which reduces supply circulating until certain conditions are met. In addition, XRP Whale, a well-known crypto market observer, sparked market optimism for XRP by stating, XRP.