Is Ripple Offloading XRP Significant Transfer Sparks Speculation Ahead of Escrow Release
Key Points
A significant transfer of 200 million XRP worth $94.56 million between unidentified wallets caused a stir in the crypto world just before July 2024.
Speculation surrounding the transfer suggests a possible connection to Ripple’s XRP sales, coinciding with the release of their escrow in June.
Despite community interest in the transfer, XRP prices showed slight gains, emphasizing Ripple’s influence on the market.
In the lead-up to July 2024, the crypto community was buzzing about a massive transfer of 200 million XRP, valued at around $94.56 million, between two anonymous addresses. This transaction, flagged by Whale Alert, a well-known crypto monitoring platform, sparked widespread speculation about its purpose and potential impact.
The timing and scale of this XRP transfer have led many to link it to Ripple’s scheduled escrow release on July 1. While speculation abounds, tracking services have not yet confirmed any escrow-related transactions associated with this transfer.
Blockchain data reveals an intriguing link between the wallets involved in this significant transfer and Ripple. The source wallet, “rP4X2hTa7A,” was activated by the destination wallet, “rJqiMb94hy,” last year. Notably, the “rJqiMb94hy” wallet was established by Ripple in 2021. Prior to the transfer, the “rP4X2hTa7a” wallet had been moving smaller amounts of XRP to various anonymous addresses over a ten-day period. This activity followed a receipt of 250 million XRP from the “Ripple 1” wallet on June 20.
Earlier predictions suggested that Ripple might sell 400 million XRP in June, doubling their usual monthly liquidation of 200 million XRP. This forecast was based on Ripple’s transaction patterns leading up to the release of 1 billion XRP from escrow on June 1. As expected, the 400 million XRP from Ripple’s primary spendable wallet has been transferred to external addresses.
As of July 1, 2024, the recipient wallet of the 200 million XRP transfer still holds the tokens with no outgoing transactions. XRP’s price currently stands at $0.4819, showing a 7-day increase of +0.9% and a 24-hour increase of +2.1%.
This significant XRP transfer has captured the attention of the crypto community, shedding light on Ripple’s activities and their potential impact on the market.
In addition to this news, the latest Crypto Market Report for Q2 2024 reveals that Solana and Litecoin attracted a combined $3 million in inflows last week. Are you concerned about XRP’s future, or are you standing firm in your investment? Let’s discuss.