200 Million XRP Tokens on the Move, Spark Speculation
The article details a significant transfer of 200 million XRP tokens, worth $94.5 million, between two unknown wallets. It examines the potential reasons behind this movement and connects it to Ripple's periodic selloffs.
On 30th June 2024, 200 million XRP tokens worth $94.5 million, were transferred between two unknown wallets. This was reported by Whale Alert. This massive movement coincided with Ripple's periodic unlock of XRP from escrow. It wasn't part of it. The initial transfer moved tokens from the address “rP4X2h” to “rJqiMb.”, both linked to Ripple.
The recipient wallet “rJqiMb” was activated by Ripple in October 2021. It is used for periodic selloffs and token movements. The source wallet “rP4X2h” activated by the recipient wallet in October 2023, shows the interconnectedness of these addresses. The tokens remained in “rJqiMb” for 48 hours. Half were transferred back to “rP4X2h.”
At the time of writing “rJqiMb” holds 107.2 million XRP worth $51.4 million. In contrast “rP4X2h” holds 93.6 million XRP worth $44.9 million. Ripple’s July unlocks of 1 billion XRP completed in three batches further contextualizes this movement.
While such transactions used to incite speculation the community now views them as routine Ripple practices. Nevertheless, the scale of this transfer continues to prompt curiosity about Ripple's strategic plans.
In conclusion, this significant transfer of XRP tokens underscores Ripple’s extensive management of holdings. It reflects routine internal movements rather than market transactions. The community remains watchful of Ripple's activities. They are anticipating their impact on the market.
Related news
Subscribe To
Web3Buzz
Connecting you to the world of Web3
Related News
People also like to read
Latest News