2024

Million

On-chain transaction data shows the <a href="https://www.newsbtc.com/news/xrp-year-long-curse-broken-analyst-bullish-on-cryptos-240-rally/">XRP </a>ecosystem recently witnessed an enormous movement of 200 million XRP tokens worth $94.5 million ahead of the <a href="https://bitcoinist.com/ripple-burn-40-billion-xrp/" rel="nofollow">periodic unlock from escrow</a>. This transaction was recorded on-chain on June 30 between two unknown wallets, indicating it isn’t an escrow unlock. Although the periodic unlock has already been completed since this transaction, XRP traders and enthusiasts are still fascinated by its enormous nature, prompting a detailed look into the on-chain data. 
<h2 id="breaking-down-the-200-million-xrp-transfer">Breaking Down The 200 Million XRP Transfer</h2> 
According to on-chain data initially noted by large transaction tracker Whale Alerts, 200 million tokens were transferred from an unknown wallet to another unknown wallet on June 30, 2024. The XRP ecosystem is home to many whale addresses, so large transactions from whales <a href="https://www.newsbtc.com/news/xrp-whale-goes-on-shopping-spree-27-million-coins-snapped-up-as-price-dips/">are a common sight</a>. The majority of these involve transactions from unknown addresses and crypto exchanges, and vice versa, indicating periods of whale selloffs and accumulations.&nbsp; 
However, whale transactions can involve two unknown addresses from time to time, like the movement of 200 million XRP tokens being considered. A thorough look into on-chain data shows a correlation between the unknown wallets and Ripple. As the cryptocurrency’s largest holder, huge transactions surrounding Ripple rarely go unnoticed. Some traders even mistook the transaction as part of Ripple’s monthly unlock of XRP from escrow. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 200,000,000 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#XRP</a> (94,554,479 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/mb8TQ9p3nU" rel="nofollow">https://t.co/mb8TQ9p3nU</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1807463996787724487?ref_src=twsrc%5Etfw" rel="nofollow">June 30, 2024</a>
</blockquote> 
The initial transfer was made from address “rP4X2h” to address “rJqiMb.” Interestingly, on-chain data indicates the recipient wallet was activated by Ripple as far back as October 2021 and is one of the wallets used for periodic selloffs and moving tokens between wallets. Similarly, the source wallet was activated in October 2023 by the recipient wallet, which connects both wallet addresses to Ripple.&nbsp; 
However, on-chain data indicates that the tokens were not transferred into any crypto exchange. They were left sitting in the recipient’s wallet for around 48 hours before a subsequent transfer of 100 million XRP back to the source address “rP4X2h.” This points to the transaction being only a movement around addresses controlled by Ripple.&nbsp; 
At the time of writing, address “rJqiMb” holds 107.2 million tokens worth $51.4 million, and address “rP4X2h” holds 93.6 million XRP tokens worth $44.9 million. 
At the time of writing, <a href="https://www.newsbtc.com/news/xrp-price-on-the-verge-of-breaking-falling-wedge-that-could-lead-to-4-increase/">XRP is trading </a>at $0.48, and Ripple’s July unlock of 1 billion XRP tokens has been completed. The unlock occurred in batches of <a href="https://x.com/whale_alert/status/1807917762452271576" rel="nofollow">400 million</a> XRP, <a href="https://x.com/whale_alert/status/1807917423053451514" rel="nofollow">100 million</a> XRP, and <a href="https://x.com/whale_alert/status/1807916649250455852" rel="nofollow">500 million</a> XRP, respectively. 
While big movements such as these used to spark wild speculation among investors, the community has grown accustomed to Ripple’s token management practices. Still, any sizable transaction raises questions about Ripple’s motives and future plans. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/LJdBmdqt/" alt="XRP price chart from Tradingview.com" width="3286" height="1576">

200 Million XRP Tokens On The Move, Where Are They Headed?

Indice dei contenuti

NewsBTC

Altri articoli pubblicati su 4 lug 2024

Hot Airdrops to Join Right Now

Worldcoin’s Resilience Amidst Bitcoin and Ethereum Struggles

Largest Bitcoin Miner, Marathon Digital Holdings Records Zero BTC Sales in June

Hot New Airdrops July 2024

XRP out of the game? Find out why experts are betting on this new promising crypto!

The Aftermath of Bitcoin Halving: Miners’ Struggle and the Road to Recovery

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!