Ripple moves a substantial amount of XRP to an unknown wallet address in a single transaction yesterday.
Whale Alert data showed that the crypto payments company moved 80 million XRP, equivalent to $45.68 million, to an unlabeled address, ‘rP4X2…sKxv3’ on January 16 at exactly 20:34 (UTC).
? ? 80,000,000 #XRP (46,180,757 USD) transferred from #Ripple to unknown wallethttps://t.co/SZRgs88Q98
— Whale Alert (@whale_alert) January 16, 2024
According to XRPScan data, the funds emanated from Ripple’s spending wallet labeled ‘Ripple 1.’ The recently transferred tokens are part of the 200 million XRP unlocked from Ripple’s escrow accounts.
Ripple Dumps 80M XRP
Recall that Ripple unlocked 1 billion XRP on January 1, 2024. A few hours later, the firm relocked 80% of the total sum (800M XRP) in escrow while the remaining 200M XRP (20% of the coins) were moved to the company’s spending address.
It is worth noting that Ripple first transferred 100 million XRP to ‘rP4X2…sKxv3’ on January 7. The payments company has moved another 80 million XRP to the same address.
Following the two transfers, Ripple’s spending wallet ‘Ripple 1’ now holds 46.34 million XRP, worth $26.46 million, as balance. On the other hand, the recipient address now has a balance of 97.8 million XRP, equivalent to $55.84 million.
Details of Previous XRP Shuffling Involving Unlocked Escrow Coins
At press time, ‘rP4X2…sKxv3’ has not yet made any transaction since it received the 80 million XRP from Ripple. Looking at the transaction history of the address, the owner usually moves the received funds to another unlabeled address, ‘rhWt2…E32hk.’
For instance, since ‘rP4X2…sKxv3’ received the first 100 million XRP from ‘Ripple 1’ on January 7, it has transferred over 90.8 million XRP to ‘rhWt2…E32hk.’
The only odd recipient address in ‘rP4X2…sKxv3’ history since January 7 is ‘rJqiM…La8nE’, which received 3.5 million XRP on January 12.
Furthermore, the majority of the funds received by ‘rhWt2…E32hk’ are sent to ‘r4wf7…h4Rzn‘ before they are deposited on exchanges like Bitstamp, Bitso, and Australia-based crypto trading platform BTC Markets.
The abovementioned transaction sequence has become a pattern, highlighting the movement of XRP unlocked from Ripple’s escrow accounts. Meanwhile, XRP was down 1.2% over the past 24 hours to $0.5713.
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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