Ripple offloads 150 million XRP, valued at over $78 million, after reserving 400 million tokens during this month’s escrow unlock.
In a recent post on X, market tracking platform Whale Alert called attention to Ripple’s latest massive XRP movement. Per the update, the American payment firm dispatched 150,000,000 XRP to the anonymous wallet at 02:08 UTC today.
🚨 🚨 🚨 🚨 150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm
— Whale Alert (@whale_alert) June 7, 2024
The magnitude of this transaction has fueled speculation about Ripple’s strategic intentions. In particular, the movement of 150 million XRP sparked concerns from market observers about Ripple dumbing XRP.
Ripple Moves to Dump 150M XRP
Interestingly, an earlier report by The Crypto Basic hinted that the prominent payment firm could be liquidating up to 400 million XRP this month. This follows Ripple’s movement of 200 million XRP, valued at around $104.1 million, from the “Ripple 24” wallet to its primary operating wallet, “Ripple 1,” on June 1 during the 1 billion XRP unlock from escrow.
On the same day, Ripple transferred another 200 million XRP from the dormant wallet “Ripple 35” to “Ripple 1.” Following these transactions, Ripple’s spendable wallet accumulated 400 million XRP.
Now, the payment firm has already offloaded 150 million XRP from the stockpiled fund to an external destination, suggesting a cash-out transaction. Essentially, the crypto community could witness more outbound XRP transactions from Ripple to unidentified addresses in the next few days, with 250 million XRP left in the Ripple 1 spendable wallet.
410,239,560 on the Move
Meanwhile, Ripple is not the only entity orchestrating significant XRP movements recently. Whale Alert tracked a Binance wallet transferring 26,284,136 XRP, equivalent 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 anonymous address. Additionally, 18 hours ago, Binance offloaded $14 million worth of XRP to an undisclosed destination.
Likewise, the previous day saw two notable transactions involving the Japanese cryptocurrency exchange Coincheck. At 16:04 UTC, 61,117,000 XRP, worth $32 million, was moved from an unknown wallet to Coincheck’s wallet.
Shortly after receiving this substantial amount, Coincheck offloaded nearly the same quantity, 61,142,691 XRP, valued at $32 million, to a different unidentified wallet. Other inbound transfers, collectively worth 58.7 million XRP, were observed with Bitstamp and Bitso exchanges.
Cumulatively, within the last 24 hours, 410,239,560 XRP worth over $213 million have been on the move, involving prominent entities such as Ripple, Binance, Coincheck, Bitstamp, and Bitso.
Read the full article here
