Ripple Transfers 150000000 XRP to Unidentified Wallet Anticipates Further Significant Selloff

Ripple liquidates 150 million XRP, worth $78 million, after setting aside 400 million tokens from this month’s escrow release.
A recent update from X, a platform that tracks market movements, highlighted Ripple’s significant transfer of XRP. According to the report, the American payment company sent 150,000,000 XRP to an undisclosed wallet at 02:08 UTC today.
This transaction has sparked speculation about Ripple’s motives. The transfer of 150 million XRP has raised concerns among market analysts about Ripple potentially selling off its XRP holdings.
In a previous report by The Crypto Basic, it was suggested that Ripple could be looking to sell up to 400 million XRP this month. This comes after Ripple moved 200 million XRP, valued at approximately $104.1 million, from the “Ripple 24” wallet to its main operational wallet, “Ripple 1,” on June 1 as part of the 1 billion XRP unlock from escrow.
On the same day, Ripple also transferred another 200 million XRP from the dormant “Ripple 35” wallet to “Ripple 1.” As a result, Ripple’s spendable wallet now holds 400 million XRP.
Recently, the payment company has already sold off 150 million XRP from its reserve, indicating a potential cashing out. The crypto community may witness more outgoing XRP transfers from Ripple to unknown addresses in the coming days, with 250 million XRP remaining in the spendable Ripple 1 wallet.
Meanwhile, other significant XRP movements have been observed by Whale Alert, including a Binance wallet transferring 26,284,136 XRP, worth $13.75 million, to an undisclosed address today at 07:00 UTC. This was followed by a 25.42 million XRP transfer to another unknown wallet. Additionally, Binance also sold $14 million worth of XRP to a secret destination 18 hours ago.
Coincheck, a Japanese cryptocurrency exchange, was also involved in notable transactions in the past few days. On one occasion, 61,117,000 XRP, valued at $32 million, was moved from an unidentified wallet to Coincheck’s wallet. Shortly after, Coincheck transferred almost the same amount, 61,142,691 XRP, worth $32 million, to a different undisclosed wallet. Other incoming transfers totaling 58.7 million XRP were observed with Bitstamp and Bitso exchanges.
In total, within the last 24 hours, 410,239,560 XRP, worth over $213 million, have been in motion, involving key players such as Ripple, Binance, Coincheck, Bitstamp, and Bitso.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The opinions expressed in this article are those of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic takes no responsibility for any financial losses incurred.