Transaction data in the chain shows that XRP ecosystem recently witnessed a massive movement of 200 million XRP tokens worth $94.5 million periodic unlocking of escrow. This transaction was recorded on-chain between two unknown wallets on June 30, indicating that it is not a deposit unlock. Although the periodic unlocking has already completed since this transaction, XRP traders and enthusiasts are still fascinated by its massive nature, prompting a detailed investigation into the on-chain data.
Abort the transfer of 200 million XRP
According to on-chain data initially noted by major transaction tracker Whale Alerts, on June 30, 2024, 200 million tokens were transferred from an unknown wallet to another unknown wallet. The XRP ecosystem is home to many whale addresses, thus large whale transactions are a common phenomenon. The majority of these involve transactions from unknown addresses and crypto exchanges, and vice versa, indicating periods of sell-off and whale accumulation.
🚨 🚨 🚨 🚨 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 first transfer took place from address “rP4X2h” to address “rJqiMb.” Interestingly, on-chain data shows that the recipient’s wallet was activated by Ripple as early as October 2021 and is one of the wallets used for periodic sales and moving tokens between wallets. Similarly, the source wallet was activated by the receiving wallet in October 2023, connecting both wallet addresses to Ripple.
However, on-chain data shows that the tokens were not transferred to a crypto exchange. They remained in the recipient’s wallet for approximately 48 hours before a subsequent transfer of 100 million XRP back to the source address “rP4X2h.” This indicates that the transaction is just a movement around addresses controlled by Ripple.
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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 it is XRP is trading for $0.48, and Ripple’s July unlock of 1 billion XRP tokens is complete. The unlocking took place in batches of 400 million XRP, 100 million XRP, and 500 million XRP, respectively.
While big moves like this sparked wild speculation among investors, the community has grown accustomed to Ripple’s token management practices. Still, every sizable transaction raises questions about Ripple’s motives and future plans.
Featured image created with Dall.E, chart from Tradingview.com