200 Million XRP Tokens On The Move, Where Are They Headed?

Share This Post

On-chain transaction data shows the XRP ecosystem recently witnessed an enormous movement of 200 million XRP tokens worth $94.5 million ahead of the periodic unlock from escrow. This transaction was recorded on-chain on June 30 between two unknown wallets, indicating it isn’t an escrow unlock. Although the periodic unlock has already been completed since this transaction, XRP traders and enthusiasts are still fascinated by its enormous nature, prompting a detailed look into the on-chain data.

Breaking Down The 200 Million XRP Transfer

According to on-chain data initially noted by large transaction tracker Whale Alerts, 200 million tokens were transferred from an unknown wallet to another unknown wallet on June 30, 2024. The XRP ecosystem is home to many whale addresses, so large transactions from whales are a common sight. The majority of these involve transactions from unknown addresses and crypto exchanges, and vice versa, indicating periods of whale selloffs and accumulations. 

However, whale transactions can involve two unknown addresses from time to time, like the movement of 200 million XRP tokens being considered. A thorough look into on-chain data shows a correlation between the unknown wallets and Ripple. As the cryptocurrency’s largest holder, huge transactions surrounding Ripple rarely go unnoticed. Some traders even mistook the transaction as part of Ripple’s monthly unlock of XRP from escrow.

The initial transfer was made from address “rP4X2h” to address “rJqiMb.” Interestingly, on-chain data indicates the recipient wallet was activated by Ripple as far back as October 2021 and is one of the wallets used for periodic selloffs and moving tokens between wallets. Similarly, the source wallet was activated in October 2023 by the recipient wallet, which connects both wallet addresses to Ripple. 

However, on-chain data indicates that the tokens were not transferred into any crypto exchange. They were left sitting in the recipient’s wallet for around 48 hours before a subsequent transfer of 100 million XRP back to the source address “rP4X2h.” This points to the transaction being only a movement around addresses controlled by Ripple. 

At the time of writing, address “rJqiMb” holds 107.2 million tokens worth $51.4 million, and address “rP4X2h” holds 93.6 million XRP tokens worth $44.9 million.

At the time of writing, XRP is trading at $0.48, and Ripple’s July unlock of 1 billion XRP tokens has been completed. The unlock occurred in batches of 400 million XRP, 100 million XRP, and 500 million XRP, respectively.

While big movements such as these used to spark wild speculation among investors, the community has grown accustomed to Ripple’s token management practices. Still, any sizable transaction raises questions about Ripple’s motives and future plans.

XRP price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto Trading Bots Can Now Be Developed in Hours With SoftMine’s AI Software Dev Tool

This content is provided by a sponsor Crypto is a world of cycles – From the market peaks and troughs, to the shifts in investor tastes, we truly reside in a cyclical environment Each and every

How to Buy JetBolt ($JBOLT) – The Updated Detailed Guide

The post How to Buy JetBolt ($JBOLT) – The Updated Detailed Guide appeared first on Coinpedia Fintech News Looking for the next game-changer in crypto The rising altcoin star JetBolt ($JBOLT)

3 Reasons FXGuys Is the Next Big Crypto To Outshine Solana and TRON (TRX)

The post 3 Reasons FXGuys Is the Next Big Crypto To Outshine Solana and TRON (TRX) appeared first on Coinpedia Fintech News The next big crypto to outshine giants like Solana (SOL) and TRON (TRX) has

Steak ‘n Shake Teases Bitcoin Payments Again

On March 7, fast food chain Steak ‘n Shake posted a question on X asking, “Should Steak ‘n Shake accept bitcoin” The post received a slew of responses from many well-known

Crypto Millionaire Who Grew His Portfolio 17000% with Dogecoin and Floki Inu Names 5 Undervalued Coins Set to Pump In 2025

The post Crypto Millionaire Who Grew His Portfolio 17000% with Dogecoin and Floki Inu Names 5 Undervalued Coins Set to Pump In 2025 appeared first on Coinpedia Fintech News Spotting the next major

Crypto Market Falls 28% – Here’s Why Smart Money Is Buying the Dip

The post Crypto Market Falls 28% – Here’s Why Smart Money Is Buying the Dip appeared first on Coinpedia Fintech News The digital asset landscape has experienced a notable 28% contraction from