Ripple moves a combined volume of 3 billion XRP, representing 5.4% of the circulating supply, across eight transactions in 30 minutes.
The transactions, tracked by crypto monitoring resource Whale Alert, pertained to the American payment company’s routine escrow executions and creations. Notably, in addition to this month’s escrow release, Ripple carried out an additional six significant transfers, which have garnered attention.
Prominent crypto commentator Marty Party called attention to the fund flow, which amounted to over $1.5 billion.
XRP Whale trades: Starting 1 hour ago (5.4% of $XRP circulating supply moved):
– 2:30pm 200,000 $XRP
– 2:34pm 300,000 $XRP
– 2:38pm 500,000 $XRP
– 2:41pm 500,000 $XRP
– 2:45pm 300,000 $XRP
– 2:47pm 200,000 $XRP
– 2:55pm 500,000 $XRP
– 2:58pm 500,000 $XRPTotal $XRP so far: 3b… pic.twitter.com/u5PPTPQmJw
— MartyParty (@martypartymusic) June 1, 2024
The firm executed a total of eight transactions, including the two escrow releases. Notably, this month’s escrow release was delayed, failing to execute at midnight. Although similar anomalies have occurred throughout the year, this marks the first instance where both 500 million XRP transactions experienced significant delays.
Details of the XRP Transactions
The first of the eight recently-spotlighted transactions occurred at 21:30 UTC on June 1. It involved the movement of 200 million XRP from one Ripple wallet to another. Four minutes later, the sender address moved an additional 300 million XRP to a different wallet, bringing the total volume to 500 million XRP.
Another Ripple address transferred 500 million XRP to a company-affiliated wallet at 21:38 UTC. Three minutes later, the recipient address locked the 500 million XRP in escrow, bringing the total volume moved to 1.5 billion XRP. Shortly after, the address that initially received 300 million XRP in the second transaction proceeded to lock up all 300 million tokens.
With this transaction, the cumulative volume transferred rose to 1.8 billion XRP, with 800 million tokens locked in escrow. Interestingly, at this point, Ripple had locked up 800 million XRP in escrow without releasing any token from escrow for June. After the lockup, the firm then moved 200 million XRP to another wallet, bringing total volume to 2 billion tokens.
Ripple Escrow Unlocks
Unconventionally, Ripple unlocked the first 500 million XRP from escrow at 21:55 UTC. Three minutes later, the company unlocked the second batch of 500 million XRP. These two transactions brought the total volume transferred by Ripple to 3 billion XRP, moved between 21:30 and 21:58 UTC on June 1.
Despite the unusual 3 billion volume moved, this marked the second instance when Ripple unlocked all 1 billion XRP from escrow on the first day of the month. Since February, Ripple has typically unlocked only 500 million tokens on the first. In some months, it releases the additional 500 million tokens later, while in others, it fails to execute this second batch.
For instance, last month, Ripple first saw the release of 500 million XRP on the first day, two hours after midnight. While the firm went on to lock back 800 million tokens, the second batch of 500 million XRP failed to execute until three days later.
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