The post Major XRP Transfer Sparks Speculation Ahead of Ripple Escrow Execution appeared first on Coinpedia Fintech News
Just before July 2024, The crypto community was stirred by a substantial movement of 200 million XRP, valued at $94.56 million, between two anonymous addresses. A X page, named as Whale Alert, reported this transaction on Sunday, causing widespread speculation about its purpose and implications.
Ripple’s Escrow Activities Under Scrutiny
The timing and magnitude of the XRP transfer have led many to speculate that it is connected to Ripple’s scheduled escrow execution on July 1. However, no escrow transactions have been detected by tracking services as of now.
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
Analysing the Involved Wallets
Blockchain data suggests a link between the anonymous wallets involved in this transfer and Ripple. The source wallet “rP4X2hTa7A” was activated by the destination wallet “rJqiMb94hy” last year, which itself was activated by Ripple in 2021. Prior to this large transfer, the “rP4X2hTa7a” wallet sent smaller amounts of XRP to various anonymous addresses over ten days, after receiving 250 million XRP from the “Ripple 1” wallet on June 20.
Historical Context and Prediction
Earlier predictions indicated that Ripple might dump 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 anticipated, the 400 million XRP reserved in Ripple’s primary spendable wallet has been transferred 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%.
In conclusion, this significant XRP movement has captured the crypto community’s attention, highlighting Ripple’s activities and their potential market impact.
Also Read: Crypto Market Report Q2 2024: Solana and Litecoin Attract $3M Combined Inflows Last Week
