Remnants of the 400 million XRP reserved by Ripple from its escrow release in June have begun moving, drawing considerable attention.
A significant transfer of XRP occurred just before July began, involving 200 million XRP valued at $94.56 million, moving from one anonymous address to another at 17:19 UTC on Sunday, as highlighted by the tracking service Whale Alert.
The scale of this XRP movement, coupled with its timing, has sparked speculation within the community. Some observers suggest this transfer might be a preliminary action ahead of Ripple’s scheduled escrow release on July 1.
As of the latest update, there have been no confirmed escrow transactions reported by Ripple’s tracking service. However, blockchain analysis indicates that the anonymous wallets involved in this 200 million XRP transfer could be linked to Ripple. The originating wallet “rP4X2hTa7A” was activated last year by the destination address “rJqiMb94hy,” which itself was activated by Ripple in 2021.
Prior to this recent transfer, wallet “rP4X2hTa7A” had been dispersing smaller amounts of XRP to various anonymous addresses over a span of ten days. These transactions followed a deposit of 250 million XRP into the wallet on June 20, originating from Ripple’s “Ripple 1” wallet.
Ripple’s activity in June was notable, with the company depositing a total of 400 million XRP into external wallets. Specifically, on June 7, 150 million XRP were transferred to wallet “rP4X2hTa7A,” supplementing an earlier deposit and making up the total of 400 million XRP moved externally.
Earlier warnings from The Crypto Basic had suggested that Ripple might release 400 million XRP in June, a significant increase compared to its average monthly liquidation of 200 million XRP in preceding months. This prediction stemmed from close scrutiny of Ripple’s transactions leading up to the release of 1 billion XRP from escrow on June 1. As anticipated, the 400 million XRP earmarked in Ripple’s primary spending wallet found its way to external destinations.
At present, the anonymous wallet that received the 200 million XRP continues to hold the tokens, with no outgoing transactions reported yet.
Disclaimer: This article provides information and should not be construed as financial advice. The opinions expressed here are those of the author and do not necessarily reflect those of The Crypto Basic. Readers should conduct their own research before making investment decisions, and The Crypto Basic assumes no responsibility for financial losses.