Two hundred million XRP moved between two addresses today, according to a report by Whale alertAccording to the source, the addresses are listed as unknown. However, there is something striking about the fact that these addresses moved almost $100 million worth of XRP in a single transfer.
Two hundred million XRP were moved between two addresses today, according to a report from Whale alertThe addresses are listed as unknown, according to the source. However, something about these addresses moving nearly $100 million worth of XRP in a single transfer is notable.
Gamza KhanzadaevIf we dive into Bithomp’s on-chain data, it turns out that the recipient address “rJqiMb94” was activated by none other than Ripple in 2021, with a transfer of 100 XRP. Moreover, before receiving 200 million tokens, this address already had a rather impressive amount of 7.32 million XRP.
Therefore, given the overlap with Ripple and the size of the wallet, we can assume that the address belongs to the crypto company itself.
As for the sender’s address, it is relatively new and was activated through an unknown transfer, albeit for an amount of 70 million XRP. Currently, it holds 5.12 million tokens.
What’s behind the transfer?
The entire transfer was likely simply Ripple moving funds from one of its wallets to another. Because? Because today is the first day of the month, the day the cryptocurrency company releases some of its XRP reserves from its escrow accounts and releases them to the market.
Arman ShirinyanRipple’s system for XRP involves holding a large amount of XRP in a series of escrow accounts. Each month, 1 billion XRP are released from an escrow account, and unused tokens are returned at the end of the month. This mechanism is designed to manage supply, helping to keep prices stable and ensure a controlled release of tokens.
