Remnants of the 400 million XRP that Ripple had set aside from its June escrow release have now begun to circulate, causing a stir within the crypto community.
A significant movement of XRP was observed late last month, with 200,000,000 XRP, valued at $94.56 million, being transferred from an undisclosed address to another at 17:19 UTC on a Sunday. This transaction caught the attention of many due to the large amount of XRP tokens involved and the timing of the transfer, leading some to speculate that it may be related to Ripple’s escrow release scheduled for July 1.
Despite expectations, no escrow transactions from Ripple have been detected by the community tracking service at the time of this report. However, a closer look at blockchain records suggests that the anonymous wallets involved in this recent transfer of 200 million XRP could potentially have connections to Ripple. The source wallet, “rP4X2hTa7A,” was activated by the destination address, “rJqiMb94hy,” last year, with both addresses having been activated by Ripple in 2021.
Leading up to this transfer, wallet “rP4X2hTa7A” had been sending smaller amounts of XRP to multiple anonymous addresses over a span of ten days, following a deposit of 250 million XRP on June 20 from the “Ripple 1” wallet.
Further adding to the intrigue is the fact that in June, Ripple had offloaded a total of 400 million XRP, with 150 million XRP being deposited into wallet “rP4X2hTa7A” on June 7. This marked a significant increase from the company’s usual liquidation of 200 million XRP in previous months.
Speculation about Ripple’s potential dumping of 400 million XRP in June had surfaced prior, based on an analysis of the company’s transactions leading up to the release of 1 billion XRP from escrow on June 1. As expected, the 400 million XRP held in Ripple’s primary spendable wallet had been transferred to external addresses.
As of now, the anonymous recipient wallet holding the 200 million XRP has not made any further transactions with the tokens. It is important to note that this article is purely informational and should not be taken as financial advice. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic holds no responsibility for any potential financial losses.
