The community has witnessed a series of transactions that moved millions in XRP. Whale Alert has identified that Ripple made these transcations.

The fact that millions of XRP were locked and then millions were unlocked raised suspicions about the action’s purpose.

The Unlocking Events

According to Whale Alert, the following transactions were observed:

  • 400,000,000 XRP ($190,728,451) 

  • 100,000,000 XRP ($47,682,368) 

  • 500,000,000 XRP ($238,594,088) 

400,000,000 #XRP (190,728,451 USD) unlocked from escrow at unknown wallethttps://t.co/JiaUpdPz0R

— Whale Alert (@whale_alert) July 1, 2024

These unlocks total 1 billion XRP tokens, worth over $476 million at current market rates.

Read more: Top 10 Crypto Unlocks to Watch in July: Altlayer (ALT) and Aptos (APT) Dominate

Interestingly, just hours prior to these unlocks, Whale Alert also reported major locking events:

  • 500,000,000 XRP (approximately $238,844,129 USD) 

  • 300,000,000 XRP (approximately $143,204,464 USD) 

500,000,000 #XRP (238,844,129 USD) locked in escrow at #Ripplehttps://t.co/M7KA88Hq07

— Whale Alert (@whale_alert) July 1, 2024

These locks total 800 million XRP, worth about $382 million. These transactions are most likely a part of Ripple’s normal monthly escrow activities, given the timing and sums involved. But there were also concerns about the difference in the amount locked and unlocked.

Ripple regularly releases a large amount of XRP tokens from its escrow account. This is usually done at the beginning of the month. Ripple’s operating procedure now includes this step as regular practice.

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