The movement of the reserved 400 million XRP from Ripple’s June escrow execution has caught the attention of the crypto community. Just before the start of July, a significant transfer of 200 million XRP worth $94.56 million was made between two anonymous addresses, as reported by the tracking service Whale Alert at 17:19 UTC on Sunday.
This transaction has sparked speculation among the community, with some believing it is a preliminary step leading up to Ripple’s escrow execution, scheduled for July 1. However, as of now, no escrow transactions from Ripple have been detected by the tracking service.
Upon analyzing blockchain records, it appears that the anonymous wallets involved in this transfer may be connected to Ripple. The source wallet, “rP4X2hTa7A,” was activated by the destination address “rJqiMb94hy” last year, which was itself activated by Ripple in 2021.
Prior to this transfer, the wallet “rP4X2hTa7A” had sent smaller amounts of XRP to multiple anonymous addresses over a ten-day period. These transactions followed a 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 had already offloaded 400 million XRP. The same Ripple wallet that deposited 150 million XRP into the “rP4X2hTa7A” wallet on June 7 had previously transferred an additional 250 million XRP, bringing the total to 400 million XRP.
Earlier, The Crypto Basic had warned about Ripple potentially dumping 400 million XRP in June, which is double their average liquidation of 200 million XRP in previous months. This suggestion was based on an analysis of Ripple’s unusual transactions leading up to the release of 1 billion XRP from escrow on June 1. As expected, the reserved 400 million XRP in Ripple’s primary spendable wallet was eventually transferred to external addresses.
Currently, the anonymous recipient wallet of the 200 million XRP continues to hold the tokens, with no outbound transactions observed thus far.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
