Prominent crypto payment firm Ripple may be set to offload as much as 400 million XRP this June, negating past trends.
This inference is drawn from Ripple’s atypical XRP transaction activities observed during the unlocking of 1 billion XRP for the month. Before the scheduled unlock, Ripple engaged in significant XRP shuffling between various wallets on June 1.
Ripple Shifted 1B XRP Before Official Escrow Unlock
Blockchain records indicate that at 21:30 UTC on June 1, Ripple moved 200 million XRP, worth approximately $104.1 million, from the “Ripple 24” wallet to its main operational wallet, “Ripple 1.”
Four minutes later, the same source wallet dispatched another 300 million XRP worth $156 million to the “Ripple 13” wallet.
Within a few minutes after the second transaction, Ripple sent 500 million XRP from “Ripple 25” to the “Ripple 12” wallet. Essentially, Ripple shuffled 1 billion XRP across various wallets between 21:30 and 21:40 UTC on June 1.
Notably, at this time, Ripple’s escrow execution for June was yet to occur. Meanwhile, Ripple proceeded to lock the 500 million XRP received in “Ripple 12” in escrow. Likewise, the 300 million XRP received in “Ripple 13” was subsequently locked in escrow.
These escrow transactions took place between 21:40 and 21:45 UTC. The transaction monitoring service Whale Alert continuously tracked and reported these movements from Ripple.
400M XRP Now in Ripple Spendable Wallet
Interestingly, shortly after locking 800 million XRP in escrow, Ripple again moved 200 million XRP. This time, the transfer came from the dormant wallet “Ripple 35” to its spendable wallet, “Ripple 1.” Cumulatively, the “Ripple 1” wallet has received 400 million inflows.
Following these transactions, Ripple proceeded with the unlocking of 1 billion XRP in two separate transactions of 500 million each, one originating from “Ripple 24” and the other from “Ripple 25.” These escrow unlocks, occurring between 21:55 and 21:58 UTC, replenished the 800 million XRP Ripple earlier sent to escrow.
Essentially, Ripple set aside 200 million XRP from the June unlock event. This is consistent with the trend observed for previous months.
Meanwhile, the 200 million reserved from June’s escrow rests in the “Ripple 1” wallet. Recall that this operational wallet received 200 million XRP from an infrequently used wallet, Ripple 35.
Ripple Likely Dumping 400M Soon
Notably, after the May escrow unlock, Ripple dispatched 200 million XRP from Ripple 1 to an anonymous wallet with the initials “rP4X2hTa” in two separate transactions: one of 50 million XRP and another of 150 million XRP on May 13 and May 20, respectively. These transactions ultimately depleted the wallet following the sale.
Given that the Ripple 1 spendable wallet now holds 400 million XRP, this implies that Ripple might liquidate the entire amount of XRP again in the coming weeks.
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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