Whale Alert, a leading cryptocurrency tracker, has recorded a new transaction involving the transfer of a significant amount of XRP from a Ripple wallet.
According to data from Whale Alert, Ripple moved 100 million XRP, valued at $52.81 million, to an unknown wallet. The transaction took place yesterday at precisely 16:07 (UTC).
While Whale Alert did not reveal the identity of the recipient, an on-chain investigation conducted by The Crypto Basic suggests that Ripple also owns the receiving wallet.
Our findings indicate that Ripple activated the recipient address, which currently holds 145.11 million XRP, on October 27, 2021. Shortly after receiving the 100 million XRP, the recipient address transferred 50.02 million XRP to two unknown wallets.
Interestingly, this latest transaction comes just over a week after Ripple initially sent 100 million XRP to the same address on April 14, 2024. With this recent transaction, Ripple has now sent a total of 200 million XRP to the address this month.
It is important to note that the 200 million XRP coins were sent from one of Ripple’s addresses, which regularly receives funds from the company’s escrow accounts.
The address last received XRP through “escrow execution” on March 1, with a total of 500 million XRP. Since then, Ripple has moved almost all of the funds in the wallet, leaving a balance of 275.99 XRP at the time of writing.
For context, Ripple typically releases 1 billion XRP from its escrow accounts on the first day of each month. To mitigate the risk of significant volatility after each release, the company locks back 800 million coins in escrow, while the remaining 200 million XRP is used to cover the company’s legitimate expenses.
In recent times, Ripple’s escrow system has experienced anomalies, releasing less than the programmed 1 billion XRP for most of 2024. This occurred in February, March, and April of this year. For example, on April 1, Ripple’s escrow system released 500 million XRP, followed by another 500 million XRP by April 12. Despite this discrepancy, Ripple still placed 800 million XRP back in escrow on April 1.
It is interesting to observe that Ripple moved the first 100 million XRP mentioned earlier just two days after the second tranche of XRP was released from escrow. Additionally, the most recent 100 million XRP transferred by Ripple, as documented by Whale Alert, took place 10 days later.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may be the author’s own and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.