Ripple has conducted a series of transactions involving a total of 3 billion XRP, which accounts for 5.4% of the circulating supply. These transactions were carried out within a span of 30 minutes and were tracked by Whale Alert, a crypto monitoring resource. The transfers were part of Ripple’s routine escrow executions and creations, and in addition to the scheduled escrow release for this month, the company also performed six other significant transfers that attracted attention.
Prominent crypto commentator Marty Party drew attention to the massive fund flow, which amounted to over $1.5 billion. In total, Ripple executed eight transactions, including the two escrow releases. It is worth noting that this month’s escrow release was delayed and did not occur at midnight as expected. Although similar anomalies have been observed throughout the year, this is the first time that both 500 million XRP transactions experienced significant delays.
Let’s delve into the details of these XRP transactions. The first of the highlighted transactions took place at 21:30 UTC on June 1. It involved the transfer 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.
At 21:38 UTC, another Ripple address transferred 500 million XRP to a company-affiliated wallet. Three minutes later, the recipient address locked the 500 million XRP in escrow, thus 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, Ripple had locked up 800 million XRP in escrow without releasing any tokens for June. After the lockup, the firm then moved 200 million XRP to another wallet, bringing the total volume to 2 billion tokens.
In an unconventional move, 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, all of which took place between 21:30 and 21:58 UTC on June 1.
It is worth noting that this is the second time Ripple has unlocked all 1 billion XRP from escrow on the first day of the month. Normally, the company unlocks only 500 million tokens on the first day, with the additional 500 million tokens being released later in some months or not executed at all in others. For example, last month, Ripple released 500 million XRP on the first day, two hours after midnight. Although the firm later locked back 800 million tokens, the second batch of 500 million XRP was not executed until three days later.
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