Ripple Labs has recorded a series of enormous transaction activities on-chain as data from Whale Alert suggests. Its monthly XRP escrow engagement took a new turn today as the digital currency was locked up in batches.
Ripple On-Chain Activities Highlighted
For the past few years, Ripple has had a tradition of releasing an average of 1 billion XRP from escrow every month. This May, the reverse is the case as the firm locked up a massive amount instead.
Data from the crypto analytics platform Whale Alert, three distinct transactions were recorded involving XRP and Ripple. The firm moved 500,000,000 XRP worth approximately $258,724,981 locked in escrow.Â
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 500,000,000 #XRP (258,724,981 USD) locked in escrow at #Ripplehttps://t.co/gOe8fT1VvW
— Whale Alert (@whale_alert) May 1, 2024
The second tranche of XRP locked in escrow featured a 100,000,000 XRP valued at $51,800,821. Also, another 200 million XRP worth $103 million was locked in escrow to complement the firm’s overall market rebalance moves. It is worth noting that this 800 million XRP was received by Ripple prior to these escrow lockups.
In actual reality, the Ripple XRP transactions exceeded this 800 million XRP locked in escrow. The blockchain payments firm moved a series of smaller amounts like 2 tranches of 30 million XRP to unknown wallets. Generally, these alternative transactions are conducted to manage other unknown internal business operations.
Altcoin Activity Remains Diverse
Beyond the general outlook of XRP and price consideration, the underlying goal of digital currencies varies. While projects like Shiba Inu seek enhanced utility through Shibarium and community engagements, XRP is payments-focused.
The involvement of Ripple in the market supply of XRP has generated a lot of buzz in the broader ecosystem. However, the involvement of the company in XRP may be stumped amid the planned launch of its stablecoin.
Market observers believe this Ripple Stablecoin release might unleash the digital currency in terms of valuation growth shortly. At the time of writing, the price of XRP is pegged at $0.5127, up by 4.7% in the past 24 hours.
