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Ripple offloads 150 million $XRP, valued at over $78 million, after reserving 400 million tokens during this month’s escrow unlock.
In a recent post on X, market tracking platform Whale Alert called attention to Ripple’s latest massive $XRP movement. Per the update, the American payment firm dispatched 150,000,000 $XRP to the anonymous wallet at 02:08 UTC today.
🚨 🚨 🚨 🚨 150,000,000 #$XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm
— Whale Alert (@whale_alert) June 7, 2024
The magnitude of this transaction has fueled speculation about Ripple’s strategic intentions. In particular, the movement of 150 million $XRP sparked concerns from market observers about Ripple dumbing $XRP.
Ripple Moves to Dump 150M $XRP
Interestingly, an earlier report by The Crypto Basic hinted that the prominent payment firm could be liquidating up to 400 million $XRP this month. This follows Ripple’s movement of 200 million $XRP, valued at around $104.1 million, from the “Ripple 24” wallet to its primary operating wallet, “Ripple 1,” on June 1 during the 1 billion $XRP unlock from escrow.
On the same day, Ripple transferred another 200 million $XRP from the dormant wallet “Ripple 35” to “Ripple 1.” Following these transactions, Ripple’s spendable wallet accumulated 400 million $XRP.
Now, the payment firm has already offloaded 150 million $XRP from the stockpiled fund to an external destination, suggesting a cash-out transaction. Essentially, the crypto community could witness more outbound $XRP transactions from Ripple to unidentified addresses in the next few days, with 250 million $XRP left in the Ripple 1 spendable wallet.
410,239,560 on the Move
Meanwhile, Ripple is not the only entity orchestrating significant $XRP movements recently. Whale Alert tracked a Binance wallet transferring 26,284,136 $XRP, equivalent to $13.75 million, to an unknown wallet at 07:00 UTC today.
This transaction was followed by a 25.42 million $XRP transfer from the exchange to another anonymous address. Additionally, 18 hours ago, Binance offloaded $14 million worth of $XRP to an undisclosed destination.
Likewise, the previous day saw two notable transactions involving the Japanese cryptocurrency exchange Coincheck. At 16:04 UTC, 61,117,000 $XRP, worth $32 million, was moved from an unknown wallet to Coincheck’s wallet.
Shortly after receiving this substantial amount, Coincheck offloaded nearly the same quantity, 61,142,691 $XRP, valued at $32 million, to a different unidentified wallet. Other inbound transfers, collectively worth 58.7 million $XRP, were observed with Bitstamp and Bitso exchanges.
Cumulatively, within the last 24 hours, 410,239,560 $XRP worth over $213 million have been on the move, involving prominent entities such as Ripple, Binance, Coincheck, Bitstamp, and Bitso.