Remnants of the 400 million XRP that Ripple reserved from its June escrow execution are on the move, raising eyebrows.
The crypto community witnessed one late significant movement of XRP between two anonymous destinations just before the start of July. At 17:19 UTC on Sunday, the tracking service Whale Alert highlighted the movement of 200,000,000 XRP valued at $94.56 million from a nameless address to another.
🚨 🚨 🚨 🚨 200,000,000 #XRP (94,554,479 USD) transferred from unknown wallet to unknown wallethttps://t.co/mb8TQ9p3nU
— Whale Alert (@whale_alert) June 30, 2024
Source of the 200M XRP
The magnitude of the XRP tokens and the transaction timing caused a notable stir in the community. Some believe the transaction is a preparatory step to the Ripple escrow execution, due today, July 1.
At the time of reporting, the community tracking service has yet to spot any escrow transactions from Ripple.
Indeed, scrutiny of blockchain records suggests the anonymous wallets involved in this latest movement of 200 million XRP may have affiliations with Ripple. The source wallet “rP4X2hTa7A” was activated by the destination address “rJqiMb94hy” last year, which was itself activated by Ripple back in 2021.
Before this late Sunday transfer, wallet “rP4X2hTa7A” dispatched smaller bits of XRP to multiple anonymous addresses over a ten-day period. These outbound transactions follow from the 250 million Ripple deposited to the wallet on June 20. Specifically, the inflow came from the “Ripple 1” wallet.
Ripple Offloaded 400M XRP in June
Notably, this same Ripple wallet deposited 150 million XRP to wallet “rP4X2hTa7A” on June 7, bringing the total outflow to 400 million XRP.
Recall that The Crypto Basic earlier warned that Ripple could dump 400 million XRP in June, compared to the company’s average liquidation of 200 million XRP in the previous months.
The suggestion emerged from deeply scrutinizing the company’s unusual transactions in the build-up to the 1 billion XRP released from escrow on June 1. Ultimately, as anticipated, the 400 million XRP reserved in Ripple’s primary spendable wallet made its way to external addresses.
At press time, the anonymous recipient wallet of the 200 million XRP continues to hold the tokens with no outbound transactions yet.
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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