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Data shared by the popular blockchain sleuth Whale Alert shows that over the last 24 hours, there have been two major XRP transfers with destinations at top cryptocurrency exchanges based in Mexico and the European Union.

In total, almost 70 million XRP were transferred, to be sold by anonymous holders.

66.5 million XRP sale happening

The aforementioned data source noted two impressive crypto transfers, carrying 30,370,000 and 33,200,000 XRP. They were evaluated at $14,633,165 and $16,001,607 at the time when those transactions were performed.

The destination of the first multi-million XRP transfer was the EU-based exchange Bitstamp, and the second one was transferred to Bitso.

These two massive crypto transactions took place as the XRP price attempted to break above the $0.48736 resistance level. XRP has by now fallen by almost 2%, changing hands at $0.48000 at the time of this writing.

XRP seems to be moving in a descending channel now, which is a bearish pattern.

Ripple unlocks one billion XRP

On July 2, Whale Alert reported that Ripple Labs blockchain behemoth traditionally unlocked a whopping one billion XRP from escrow. However, in the past, these massive XRP transfers from escrow were made on the first day of every new month.

This time, the billion XRP were released in three portions, which contained 500,000,000, 100,000,000 and 400,000,000 XRP. In total, the unleashed XRP amount was valued at $476.8 million.

As a rule, these massive escrow withdrawals by Ripple end up with the company locking back approximately 800,000,000 until the next month. Ripple converts the unlocked funds into fiat and uses it to cover its operational expenses or send more XRP to its institutional clients. Over the past four years, though, Ripple has also been spending part of the unlocked XRP for legal expenses related to the lawsuit initiated by the SEC in December 2020.

Ripple chief executive Brad Garlinghouse recently voiced a prediction that this long-lasting legal case is likely to end this year, in September in particular. He jestingly called it “the end of summer.”