Whale Alert, a leading crypto tracker, has recorded a new transaction involving a significant amount of XRP being moved from a Ripple wallet. Whale Alert’s data reveals that Ripple transferred 100 million XRP, valued at $52.81 million, to an unidentified wallet. It is worth noting that this transaction took place yesterday at precisely 16:07 (UTC).
While Whale Alert did not disclose the recipient’s identity, an on-chain investigation conducted by The Crypto Basic suggests that Ripple also owns the recipient wallet. According to their findings, 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 proceeded to move 50.02 million XRP to two unknown wallets.
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 transfer, Ripple has now sent a total of 200 million XRP to the address this month.
It is worth mentioning that these 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, amounting to 500 million XRP. Since then, Ripple has moved almost all the funds in the wallet, leaving a balance of 275.99 XRP as of press time.
For context, Ripple typically releases 1 billion XRP from its escrow accounts on the first day of each month. To mitigate the impact of massive price fluctuations, 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, with the system releasing less than the expected 1 billion XRP for most of 2024. This was observed 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 on April 12. Despite this irregularity, Ripple still returned 800 million XRP to escrow on April 1.
It is interesting to note that Ripple sent the first 100 million XRP mentioned earlier just two days after the second batch of XRP was released from escrow. Furthermore, the most recent 100 million XRP moved by Ripple, as reported by Whale Alert, occurred 10 days later.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
