Ripple’s offload of 400 million XRP in June has raised eyebrows, particularly with a recent movement of 200 million XRP. The crypto community noticed significant activity just before July began. At 17:19 UTC on Sunday, Whale Alert flagged a transaction of 200 million XRP, valued at $94.56 million, between two anonymous addresses.
Source Of The 200 Million XRP
The substantial amount and timing of the XRP transfer sparked interest. Many speculate this transaction is linked to Ripple’s escrow execution due on July 1. However, as of now, no escrow transactions have been detected by the tracking service.
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Blockchain records reveal possible connections between Ripple and the anonymous wallets involved in the recent 200 million XRP transfer. The destination address “rJqiMb94hy” activated the source wallet “rP4X2hTa7A” last year, and Ripple activated this address in 2021.
Before the Sunday transfer, wallet “rP4X2hTa7A” sent smaller amounts of XRP to various anonymous addresses over ten days. These transfers followed a deposit of 250 million XRP to the wallet on June 20 from the “Ripple 1” wallet.
Ripple’s June Offload Totals 400 Million XRP
Earlier in June, Ripple’s wallet also deposited 150 million XRP to wallet “rP4X2hTa7A” on June 7, totaling 400 million XRP offloaded. The Crypto Basic had previously warned that Ripple might dump 400 million XRP in June, double the average of 200 million XRP in prior months.
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This speculation arose from unusual transactions leading up to the release of 1 billion XRP from escrow on June 1. Ultimately, as predicted, the 400 million XRP reserved in Ripple’s primary spendable wallet was moved to external addresses.
Currently, the anonymous recipient wallet of the 200 million XRP still holds the tokens with no further outbound transactions yet.
