Ripple Transfers 150000000 XRP to Unknown Wallet Anticipates Further Large SellOff

Ripple recently unloaded 150 million XRP, valued at more than $78 million, after setting aside 400 million tokens earlier this month during the escrow unlock process.
A recent post on Whale Alert, a market tracking platform, highlighted Ripple’s significant XRP transfer. The American payment company sent 150,000,000 XRP to an anonymous wallet at 02:08 UTC today.
This transaction has sparked speculation about Ripple’s strategic plans. Many market observers are concerned about Ripple potentially selling off XRP after the movement of 150 million tokens.
Ripple’s Move to Sell 150M XRP
Interestingly, a previous report from The Crypto Basic suggested that Ripple could be liquidating up to 400 million XRP this month. This came after Ripple transferred 200 million XRP, valued at approximately $104.1 million, from the “Ripple 24” wallet to its main operating wallet, “Ripple 1,” on June 1 during the escrow unlock of 1 billion XRP.
On the same day, Ripple also moved another 200 million XRP from the inactive wallet “Ripple 35” to “Ripple 1.” With these transactions, Ripple’s spendable wallet now holds 400 million XRP.
Now, the payment company has already sold 150 million XRP from the stored fund to an external destination, indicating a cashing out process. It is possible that more XRP transactions will occur in the upcoming days, with 250 million XRP remaining in the Ripple 1 spendable wallet.
410,239,560 XRP on the Move
In addition to Ripple, other entities have been making significant XRP transfers recently. Whale Alert reported a Binance wallet sending 26,284,136 XRP, equal to $13.75 million, to an unknown wallet at 07:00 UTC today.
This transaction was followed by a 25.42 million XRP transfer from the exchange to another unidentified address. Furthermore, 18 hours ago, Binance sold $14 million worth of XRP to a undisclosed destination.
Similarly, notable transactions involving the Japanese cryptocurrency exchange Coincheck were observed the previous day. At 16:04 UTC, 61,117,000 XRP, valued at $32 million, was moved from an unknown wallet to Coincheck’s wallet.
Shortly after receiving this significant amount, Coincheck transferred nearly the same amount, 61,142,691 XRP, worth $32 million, to a different unidentified wallet. Additionally, inbound transfers totaling 58.7 million XRP were seen with Bitstamp and Bitso exchanges.
In the past 24 hours, a total of 410,239,560 XRP worth over $213 million were on the move, involving key players like Ripple, Binance, Coincheck, Bitstamp, and Bitso.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. The opinions expressed in this article are the author’s own and do not necessarily reflect The Crypto Basic’s views. It is recommended that readers conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses.