2024

Million

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Two hundred million XRP were moved between two addresses today, according to a report from&nbsp;<a href="https://x.com/whale_alert/status/1807463996787724487">Whale Alert</a>. The addresses are listed as unknown, according to the source. However, something about these addresses moving nearly $100 million in&nbsp;<a href="https://u.today/is-xrp-security-sec-veteran-and-xrp-advocate-sort-out">XRP</a> in a single transfer is remarkable.
If we dive into the on-chain data from Bithomp, it turns out that the recipient address "rJqiMb94" was activated by none other than Ripple back in 2021, with a transfer of 100 XRP. Moreover, before receiving 200 million tokens, this address already held a rather impressive amount of 7.32 million XRP.
Thus, given the overlap with&nbsp;<a href="https://u.today/ripple-ruling-boosts-binance-in-sec-showdown-crypto-community-reacts">Ripple</a> and the size of the wallet, we can assume that the address belongs to the crypto company itself.
<blockquote>
 🚨 🚨 🚨 🚨 200,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> (94,554,479 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/mb8TQ9p3nU">https://t.co/mb8TQ9p3nU</a>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1807463996787724487?ref_src=twsrc%5Etfw">June 30, 2024</a>
</blockquote> 
As for the sender address, it is relatively new and was activated by an unknown transfer, albeit in the amount of 70 million XRP. Now, it holds 5.12 million tokens.
<h2 dir="ltr" id="what-s-behind-transfer">What's behind transfer?</h2>
It is likely that the entire transfer was simply Ripple moving funds from one of its wallets to another. Why? Because today is the first of the month - the day the crypto company releases some of its XRP reserves from its escrow accounts and releases them onto the market.
Ripple's system for XRP involves holding a lot of XRP in a series of escrow accounts. Each month, one billion XRP is released from an escrow account, with any unused tokens returned at the end of the month. This mechanism is designed to manage supply, which helps to keep prices stable and ensure a controlled release of tokens.

200 Million XRP Mystery Stuns Community: Details

Table of Contents

U_Today

Other articles published on Jul 1, 2024

Shiba Inu Executive Reveals Where The Power Of SHIB Lies

BlockchainReporter Weekly Crypto News Review: Key Developments and Industry Shifts

Best Crypto Presale in 2024: MoonBag Seizing the Throne from Render and Aave, Projecting a 10x Re...

Explosive Crypto Gems on Bitcoin Ecosystem for 2024

SEC Charges Consensys Over Unregistered Securities Trading Through MetaMask

Bitcoin vs. Ethereum: Institutional Investors Diverge as Digital Asset Funds See Outflows

Join our free newsletter for daily crypto updates!