Significant XRP Transaction Spurs Speculation Before Ripples Escrow Release
In the lead-up to July 2024, the crypto community was abuzz with news of a major transaction involving 200 million XRP, valued at $94.56 million, that was transferred between two anonymous addresses. The transaction was reported by a page called Whale Alert, causing widespread speculation about its purpose and implications.
The timing and size of the XRP transfer have led many to believe that it is connected to Ripple’s scheduled escrow execution on July 1. However, tracking services have not detected any escrow transactions as of now.
Upon analyzing the wallets involved in the transfer, blockchain data suggests a link to Ripple. The source wallet, “rP4X2hTa7A,” was activated by the destination wallet, “rJqiMb94hy,” last year, and the latter was activated by Ripple in 2021. Before this large transfer, the “rP4X2hTa7A” wallet had sent smaller amounts of XRP to various anonymous addresses over a period of ten days, after receiving 250 million XRP from the “Ripple 1” wallet on June 20.
Earlier predictions had indicated that Ripple might sell off 400 million XRP in June, doubling their average monthly liquidation of 200 million XRP. This forecast was based on an analysis of Ripple’s transactions leading up to the release of 1 billion XRP from escrow on June 1. As expected, the 400 million XRP held in Ripple’s primary spendable wallet has been transferred to external addresses.
Currently, the recipient wallet of the 200 million XRP still holds the tokens without any outbound transactions.
As of July 1, 2024, the price of XRP stands at $0.4819, with a 7-day change of +0.9% and a 24-hour change of +2.1%.
In conclusion, this significant movement of XRP has garnered attention from the crypto community, shedding light on Ripple’s activities and their potential impact on the market.