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200 Million XRP Tokens On The Move, Where Are They Headed?

Published

6 months ago

July 4, 2024

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.

🚨 🚨 🚨 🚨 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.

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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, 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.