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Ripple has released remnants of its June XRP escrow execution in two transactions. After releasing only 150 million XRP on June 7, Ripple released another 250 million coins on June 20, making it 400 million XRP tokens.
However, following the June escrow release conclusion, Whale Alert spotted another transfer of 200 million XRP tokens between two unknown wallets on June 30. This transaction raised concerns among XRP community members.
What’s The Source of 200 Million XRP Transfer?
A Whale Alert report disclosed the transfer of 200 million XRP tokens worth about $94.56 million between two unknown accounts on Sunday as of 17:19 UTC.
The transfer of such massive XRP tokens attracted the attention of many XRP community members, some believing Ripple may be associated with the source wallet. Others speculate the huge token movement is part of the blockchain firm’s escrow transactions.
The community anticipates Ripple’s escrow release on July 1. However, Whale Alert has not reported any new Ripple escrow release for July as of press time.
Meanwhile, an exploration of blockchain transaction history indicated that Ripple is connected to the two unknown wallets involved in the recent 200 million XRP movement.
According to the on-chain data, the recipient wallet “rJqiMb94hy” activated the source address “rP4X2hTa7A” last year. Also, in 2021, Ripple activated the recipient account.
Additionally, before the Sunday token movement, the source wallet (rP4X2hTa7A) completed several smaller XRP transfers to different anonymous accounts within 10 days. This comes after a June 20 inflow of 250 million into the wallet from another address tagged “Ripple 1.”
Ripple Offloads 400 Million XRP Tokens to Conclude Its June Escrow Release
Ripple offloaded an additional 400 million XRP tokens in June to complete its monthly escrow release. The first transaction occurred on June 7, with 150 million XRP coins released from Ripple 1 to the anonymous wallet address “rP4X2hTa7A.”
Also, on June 20, the same Ripple account deposited 250 million XRP coins to the same unknown wallet. The two transactions brought the total transfers to 400 million XRP tokens from the same wallet in June.
🚨 🚨 🚨 🚨 🚨 250,000,000 #XRP (122,504,132 USD) transferred from #Ripple to unknown wallethttps://t.co/hSvEwAqyjY
— Whale Alert (@whale_alert) June 20, 2024
Ripple has adopted a different approach to its monthly 1 billion XRP escrow release. Instead of releasing 500 million XRP in two transactions, Ripple has been offloading the coins in fragments and relocking remnants.
The usual pattern has continued with several transactions, which, as of June 1, amounted to a 1 billion XRP escrow release. On July 1, 2024, Ripple is expected to release 1 billion XRP tokens from its escrow account.
According to current prices in the crypto market, 1 billion XRP coins are worth approximately $470 million.
This unlock aligns with the company’s strategy of controlling the XRP token supply. Also, the process will continue till April 2027 due to Ripple’s relocking recent trend of XRP after monthly releases.
Ripple’s escrow unlocks raised growing concerns within the XRP community. Some members accused Ripple of manipulating the XRP price via its escrow monthly unlocks and ODL sales.
Facts: Ripple is NOT manipulating the price of XRP. After multiple audits and investigations into the business, it was determined by evidence and a federal judge that XRP follows Bitcoin. Market manipulation is ILLEGAL and Ripple isn’t doing it. pic.twitter.com/p7Z3w7gXeT
— Sherrie 🌸 (@CherryEmpress21) March 6, 2024
Moreover, the company’s June release triggered a significant sell-off in the XRP market, and the token suffered a 9.25% decline in value.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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