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Crypto tracker caught an activity related to movement of XRP tokens in bulk with starting of the month
Recently words spread out by Whale Alert Crypto tracker that Ripple DLT service provider has withdrawn a staggering one billion XRP utility tokens again from escrow on 1st April. It was done in order to add the tokens to its circulating supply.
Meanwhile more that 412 million XRP tokens have also been seen moved by some big named digital exchanges and address for now the Whale Alert titled as ‘unknown’.
Fintech giant Ripple has been raising one billion XRP with the goal of releasing its 55 billion coins affiliated by Ripple from escrow from all the way 2017. Since the past couple of years, the fintech company has continuously added approx 200 million from the amount that was released into circulation and then locked it back in escrow some 800 or 900 million.
Remaining of the XRP sent to a lot of Ripple customers that includes banks, custodial platforms and such financial institutions. Other than aforementioned institutions some exchanges also played a role in order to back the liquidity of coins. Total amount of XRP that was transferred total for more than $810 million when converted to fiat currency.
Apart from the staggering XRP tokens as mentioned by the crypto tracker, several other big crypto trading platforms and such wallets had also moved a huge amount of XRP tokens between each other. There were a total of $411.9 million XRP tokens exchanged among those addresses and wallets.
Remember the wallet which was tagged as ‘unknown’ by Whale Alert later turned out to be several exchanges and custodial wallets as per the data aggregator focused on XRP, Bithomp.
As per the data aggregator, majority of those transactions were handled by FTX, Bittrex exchanges and Bitstamp. Several other players were also there including Binance, a Ripple ODL Corridor Bitso and Bitgo custodial service, which was acquired by Galaxy Digital of Mike Novogratz last year.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
