On-chain data from XRPScan shows that Ripple has already spent 120M XRP out of the 200M coins kept from this month’s 1B escrow release.
It is common knowledge that Ripple has been releasing 1B XRP coins from its escrow accounts since December 2017. In a routine procedure, the crypto payment company unlocked 1B XRP on December 1, 2023, before locking back 800M XRP in escrow.
120M Spent Already
Out of the 200M XRP kept this month, on-chain data shows that Ripple has already spent 120M XRP ($75.12M) in less than 15 days.
Data from XRPScan shows that the company’s main spending address, dubbed “Ripple 1,” sent a total of 120M XRP to an unknown address, ‘rP4X2…sKxv3‘ in two different transactions.
According to the data, the first transaction with 60M XRP was made on December 6. Subsequently, the crypto payments company sent another 60M XRP to the same address on December 12, bringing its total outflow to 120M XRP.
Details of the Transaction
Shortly after receiving the first 60M XRP, the unknown address distributed a total of 43,125,000 (43.12 million) XRP in bits to several anonymous addresses. Similarly, the address also distributed 44,520,375 (44.52 million) XRP from the second 60M received, according to on-chain data.
Out of the entire 87,645,375 (87.64 million), XRP disbursed in bits by the initial recipient of Ripple’s escrow funds, a particular unknown address, ‘rhWt2…E32hk,’ stood out.
This address received a total of 85,245,375 (85.25 million) XRP. Interestingly, most of the XRP coins were sent to ‘r4wf7…h4Rzn’ before the owner behind the address deposited the funds in multiple crypto exchanges, including Bitstamp and Bitso.
At the time of writing, the address holds a paltry balance of 20 XRP, as most of the received funds have been distributed to exchanges and sold to retail investors in blind bid/ask transactions.
XRP Price Still Stable
Ripple has always deployed XRP into the market in ways that will not negatively impact the price. Despite offloading 120M XRP from the 200M released escrow funds, the coin’s price has been fluctuating within the $0.6 price level.
At press time, XRP was changing hands at $0.626, up 3.4% over the past 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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