Is Ripple Dumping XRP? Large Transfer Raises Eyebrows Ahead of Escrow Release

Published by

Vignesh S G

July 1, 2024

Just before July 2024, the crypto community was abuzz with a massive transfer of 200 million XRP, valued at approximately $94.56 million, between two anonymous addresses. The transaction, highlighted by Whale Alert, a prominent crypto-tracking platform, triggered widespread speculation regarding its motives and potential repercussions.

Read more about this interesting update.

Timing and Speculation: Ripple’s Escrow Connection?

The timing and scale of this XRP transfer have led many to link it to Ripple’s planned escrow execution on July 1. Despite the speculation, tracking services have yet to confirm any escrow transactions related to this movement.

Blockchain data reveals an intriguing connection between the wallets involved in this substantial transfer and Ripple. The source wallet, “rP4X2hTa7A,” was activated by the destination wallet, “rJqiMb94hy,” last year. Notably, the “rJqiMb94hy” wallet itself was initialized by Ripple back in 2021. Prior to this major transfer, the “rP4X2hTa7a” wallet had been transferring smaller XRP amounts to various anonymous addresses over the course of ten days. This activity followed a receipt of 250 million XRP from the “Ripple 1” wallet on June 20.

Ripple’s XRP Release Predictions: Was June a Game Changer?

Earlier forecasts suggested Ripple might offload 400 million XRP in June, doubling their usual monthly liquidation of 200 million XRP. This prediction was based on Ripple’s transaction patterns leading up to the release of 1 billion XRP from escrow on June 1. As anticipated, the 400 million XRP held in Ripple’s primary spendable wallet has been moved to external addresses.

Current Status and Market Impact

At present, the recipient wallet of the 200 million XRP still holds the token without any outbound transactions.

As of July 1, 2024, XRP’s price stands at $0.4819, with a 7-day change of +0.9% and a 24-hour change of +2.1%.

This substantial XRP transfer has undoubtedly captured the crypto community’s attention, shedding light on Ripple’s activities and their potential market impact.

Also Read: Crypto Market Report Q2 2024: Solana and Litecoin Attract $3M Combined Inflows Last Week

Did this news shake your confidence in XRP? Or are you holding strong? Let’s discuss.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.