Whales Transfer 1 Billion XRP; Escrow Locks 700 Million

Crypto Whales Trade $366 Million in XRP Amid Price Surge

Data shows that at a variety of exchanges, 

crypto whales traded XRP tokens worth $366 million.

The price of XRP, Ripple's native cryptocurrency, has been trading under a lot of pressure over the past few weeks. However, the price of XRP surprisingly rose by 5% on Tuesday as speculation about a possible settlement in the Ripple lawsuit mounted. Additionally, data reveals that crypto whales transacted a sizeable amount of XRP tokens over the course of the last 24 hours.

Crypto Whales profiting on the surge in XRP's price?

Data from CoinGabbar shows that cryptocurrency whales have traded more than 1 billion XRP tokens in the previous day. Over many transactions, XRP tokens worth around $366 million were transferred.

The transfer of 500 million XRP tokens, worth about $175,2 million, was the tracker's single largest transaction to date. But data shows that almost $106 million worth of XRP were transferred from an unknown wallet to a Ripple wallet.

A whale sent over 40 million XRP (roughly worth $14.1 million) to the cryptocurrency exchange bitstamp in order to profit on the price surge. View Additional XRP News...

The cost of XRP rose by around 5% over the previous day. The native coin of Ripple was currently trading for an average price of $0.3426 at the time of publishing. However, it barely transacts roughly $1 billion every day. XRP is still valued at over $17.4 billion despite being the subject of an SEC complaint in the US.

XRP worth 700,000,000 is kept in escrow.

Analysts, however, also asserted that whales frequently locked close to 700,000,000 XRP in escrow accounts. Around $246.2 million is the estimated value of the locked native Ripple coin.