In just 30 minutes, Ripple made a significant move by transferring a total of 3 billion XRP, which represents 5.4% of the circulating supply. These transactions were part of the company’s routine escrow executions and creations. Notably, in addition to the scheduled escrow release for this month, Ripple also carried out six other significant transfers that caught the attention of crypto commentator Marty Party, as they amounted to over $1.5 billion.
In total, there were eight transactions executed by Ripple, including the two escrow releases. However, this month’s escrow release experienced a delay and did not execute at midnight. While similar anomalies have occurred throughout the year, this is the first time that both 500 million XRP transactions faced significant delays.
Let’s dive into the details of these XRP transactions. The first transaction took place at 21:30 UTC on June 1, where 200 million XRP were moved from one Ripple wallet to another. Just four minutes later, the sender address transferred 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, increasing the total volume moved to 1.5 billion XRP. Shortly after, the address that initially received 300 million XRP in the second transaction also locked 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, at this point, 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.
Now, let’s talk about the Ripple escrow unlocks. Unconventionally, Ripple unlocked the first 500 million XRP from escrow at 21:55 UTC, followed by the unlocking of the second batch of 500 million XRP just three minutes later. These two transactions brought the total volume transferred by Ripple to 3 billion XRP, all moved between 21:30 and 21:58 UTC on June 1.
It’s worth noting that this is the second time Ripple has unlocked all 1 billion XRP from escrow on the first day of the month, which is unusual. Typically, Ripple only unlocks 500 million tokens on the first day, with the additional 500 million tokens released later in some months or not executed at all in others. For example, last month, Ripple released 500 million XRP two hours after midnight on the first day, but the second batch of 500 million XRP didn’t execute until three days later.
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