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Ripple’s native crypto, XRP, saw a much awaited uptick after dealing with high selling pressure and emerging bearish signals. The recent gains came in along with a <a href="https://news.todayq.com/is-this-the-reason-why-bitcoin-is-down/" rel="noopener noreferrer nofollow">broad market recovery</a> as Bitcoin (BTC) regained the $58,000 price level. However, crypto whales’ new move has sparked several speculations in the market. Is Ripple changing escrow process? 
As per the data shared by WhaleAlert, multiple whale wallets had been caught shuffling around 2 billion XRP (approx worth $1 billion) over several exchanges in the last 24 hours.
On chain data shows that 1 billion XRP (Approx worth $517 million) was moved from multiple unknown wallets to Ripple linked wallets. The biggest transaction recorded by the tracker stands at 500 million XRP (approx worth $259 million).
However, Ripple in the very next move locked 800 million (approx worth $414 million) into the escrow account. This has caught the attention of many in the crypto community. Ripple executed these transactions across several of its widely used XRPL wallets.
This recent move deviates from Ripple’s standard practice of releasing 1 billion XRP tokens from escrow every month. It is important to note that only 500 million XRP tokens were released on May 1. This marks a major change in their usual escrow release process. After distributing the initially released 500 million XRP tokens between two separate wallets, it then promptly locked all these tokens back in escrow.&nbsp; What’s happening? 
Ripple didn’t stop here as it transferred 60 million XRP tokens (approx worth $31 million) in two equal transactions to separate wallets. Despite this move, the crypto has remained largely unaffected.
On the market side, XRP recorded a good recovery with bullish sentiments making rounds in the market. XRP price is up by 5% in the last 24 hours but it is still down by over 12% in the last 30 days. However, the crypto flashed a green index on the 90 days metrics.&nbsp;
XRP is trading at an average price of $0.51, at the press time. Its 24 hour trading volume is down by 10% to stand at $1.4 billion. It’s holding a market cap of $28.6 billion.
The global crypto market cap jumped by over 2% in the last 24 hours to stand at $2.21 trillion. Its 24 hour trading volume is down by 10% to stand around $90 billion.

Billion dollar XRP shuffle sends shockwaves, What is Ripple doing?

Todayq News

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