Remains of the 400 million XRP that Ripple set aside from its June escrow execution are now in motion, attracting attention from the cryptocurrency community.
Just before the beginning of July, a significant transfer of XRP took place between two unidentified destinations. At 17:19 UTC on Sunday, Whale Alert, a tracking service, reported the movement of 200,000,000 XRP, valued at $94.56 million, from one anonymous address to another.
Many in the community speculate that this transaction is a preliminary step leading up to the Ripple escrow execution scheduled for July 1. However, as of now, the community tracking service has not detected any escrow transactions from Ripple.
Upon examining blockchain records, it appears that the anonymous wallets involved in this recent transfer of 200 million XRP may have connections to Ripple. Last year, the source wallet “rP4X2hTa7A” was activated by the destination address “rJqiMb94hy,” which was itself activated by Ripple in 2021.
Prior to this transfer on Sunday, the wallet “rP4X2hTa7A” had sent smaller amounts of XRP to various anonymous addresses over a ten-day period. These transactions followed the deposit of 250 million XRP into the wallet on June 20, originating from the “Ripple 1” wallet.
It is worth noting that in June, Ripple offloaded a total of 400 million XRP. On June 7, the same Ripple wallet deposited 150 million XRP into the “rP4X2hTa7A” wallet, bringing the total outflow to 400 million XRP.
Earlier, The Crypto Basic had cautioned that Ripple may unload 400 million XRP in June, surpassing the company’s average liquidation of 200 million XRP in previous months. This prediction was based on an analysis of the company’s unusual 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 was transferred to external addresses.
As of now, the anonymous recipient wallet of the 200 million XRP still holds the tokens, with no outgoing transactions recorded.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
