200 Million XRP Tokens On The Move, Where Are They Headed?
2024年7月4日 - 12:00PM
NEWSBTC
On-chain transaction data shows the XRP ecosystem recently
witnessed an enormous movement of 200 million XRP tokens worth
$94.5 million ahead of the periodic unlock from escrow. 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. Breaking
Down The 200 Million XRP Transfer 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 are a common
sight. The majority of these involve transactions from unknown
addresses and crypto exchanges, and vice versa, indicating periods
of whale selloffs and accumulations. Related Reading: Crypto
Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below
This Level 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.
🚨 🚨 🚨 🚨 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 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. 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.
Related Reading: Fundstrat’s Head Of Research Says Bitcoin Will
Reach $150,000, Here’s When 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, XRP is trading at $0.48, and Ripple’s July
unlock of 1 billion XRP tokens has been completed. The unlock
occurred in batches of 400 million XRP, 100 million XRP, and 500
million 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. Featured image created with Dall.E, chart from
Tradingview.com
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