TL;DR
- Significant Transfer: Recently, 200 million XRP tokens were moved between anonymous addresses, valued at nearly $100 million. The XRP community is curious about the purpose behind this substantial transaction.
- Ripple’s Involvement: The recipient address, “rJqiMb94,” was activated by Ripple in 2021. Before receiving the 200 million tokens, it already held 7.32 million XRP. Meanwhile, the sender’s address remains fresh, suggesting Ripple’s role in the transfer.
- Escrow Speculation: Some speculate that this transfer is related to Ripple’s planned escrow execution on July 1. However, tracking services haven’t confirmed escrow-related transactions. The XRP community eagerly awaits further clarity on Ripple’s intentions.
200 million XRP tokens were recently transferred between two addresses, catching the attention of the XRP community. The transaction, valued at nearly $100 million, has left many wondering about its significance and purpose.
🚨 🚨 🚨 🚨 200,000,000 #XRP (94,554,479 USD) transferred from unknown wallet to unknown wallethttps://t.co/mb8TQ9p3nU
— Whale Alert (@whale_alert) June 30, 2024
According to Whale Alert, a prominent crypto-tracking platform, the transfer occurred between two anonymous addresses. While the identities behind these addresses remain undisclosed, the sheer magnitude of the transfer has raised eyebrows.
Ripple’s Connection
Delving into on-chain data from Bithomp, we discover that the recipient address, “rJqiMb94,” was activated by Ripple itself back in 2021 with a transfer of 100 XRP. Impressively, even before receiving the 200 million tokens, this address held 7.32 million XRP.
With Ripple’s involvement and the large size of the wallet, it’s safe to say that the address is linked to the cryptocurrency company. In contrast, the sender’s address is quite fresh.
Triggered by an unidentified transaction, it now possesses 5.12 million XRP. The reason for this transfer seems clear: Ripple probably shifted funds between its wallets. Why? As usual, the beginning of the month is the time when Ripple generally releases XRP reserves from escrow accounts into the market.
Escrow Speculation
The timing of this transfer has led many to speculate about its connection to Ripple’s planned escrow execution on July 1. However, tracking services have yet to confirm any escrow-related transactions associated with this movement.
Delving further, we uncover a fascinating connection between the wallets in question. The original wallet, “rP4X2hTa7A,” was triggered by the receiving wallet, “rJqiMb94hy,” in the previous year. Interestingly, “rJqiMb94hy” was set up by Ripple directly in 2021.
Before this important transaction, the wallet known as “rP4X2hTa7a” had been transferring small amounts of XRP to different unidentified addresses for more than a week. This transpired after obtaining 250 million XRP from the “Ripple 1” wallet back on June 20.
Ripple’s XRP Release Patterns
Earlier predictions hinted at Ripple offloading 400 million XRP in June, double their usual monthly liquidation of 200 million XRP. These forecasts were based on Ripple’s transaction history leading up to the release of 1 billion XRP from escrow on June 1.
Unsurprisingly, the 400 million XRP from Ripple’s main wallet has been transferred to external addresses. In summary, the XRP community remains intrigued by this substantial transfer, awaiting further developments and clarity on Ripple’s intentions.
