According to U.Today, a significant transfer of 200 million XRP, equivalent to nearly $100 million, was made between two unknown addresses. The recipient address, identified as 'rJqiMb94', was reportedly activated by Ripple in 2021 with a transfer of 100 XRP. Prior to receiving the 200 million tokens, this address already held an impressive 7.32 million XRP. It is speculated that due to the overlap with Ripple and the size of the wallet, the address may belong to the crypto company itself.
The sender address, on the other hand, is relatively new and was activated by an unknown transfer of 70 million XRP. It currently holds 5.12 million tokens. The reason behind this massive transfer is believed to be Ripple moving funds from one of its wallets to another. This is because the transfer coincided with the first day of the month, a day when Ripple typically releases some of its XRP reserves from its escrow accounts onto the market.
Ripple's system for XRP involves holding a large amount of XRP in a series of escrow accounts. Each month, one billion XRP is released from an escrow account, with any unused tokens returned at the end of the month. This mechanism is designed to manage supply, which helps to keep prices stable and ensure a controlled release of tokens.
