As a seasoned crypto investor with a keen interest in XRP and Ripple’s activities, I find the recent large-scale transfer of 150 million XRP tokens by Ripple to be a cause for concern. While it is not uncommon for Ripple to sell XRP tokens, this particular transaction has the potential to significantly impact the price of XRP.
As a researcher studying the cryptocurrency market, I’ve noticed that Ripple, a prominent payments company and significant XRP holder, has recently executed a substantial XRP transaction. Specifically, they transferred 150 million XRP, which equates to around 0.25% of the current market cap of this digital currency.
Ripple’s Large-Scale Transfer
As a blockchain analyst, I recently came across an intriguing transaction on May 13, 2020. The blockchain tracking and analytics system, Whale Alert, reported that Ripple had sold a significant amount of XRP tokens – specifically, 150 million tokens valued at approximately $75.7 million according to current market rates. This transfer was made to an anonymous crypto wallet identified by the address “rP4X2hTa7A.” It’s important to note that Ripple was the one who activated this wallet before making the transaction.
As a crypto investor, I recently came across an interesting transaction in the XRP market. Two separate transactions took place, with a one-hour gap between them. The first transfer involved moving 100 million XRP, equivalent to around $55,776,737, into the wallet address ‘rP4X2hTa7A’. This massive amount was transferred from another anonymous wallet, identified by Whale Alert as ‘rhWt2bhRq’.
In the next exchange, all remaining XRP, roughly equating to 50 million units, were shifted to the destination address ‘rP4X2hTa7A.’ This transaction amounted to approximately $27.8 million.
As a crypto investor following the movements of Ripple closely, I’ve noticed some significant transactions related to their wallet address rP4X2hTa7A on the XRP Ledger explorer, Bithomp. On April 24th, an impressive transfer of 100 million XRP coins was sent from Ripple to this particular address. Subsequently, smaller portions of these XRPs have been distributed from the wallet to various external addresses.
As a crypto investor, I’d like to bring your attention to the fact that Ripple executed a significant transaction of 150 million XRP following the release of 1 billion XRP tokens from its monthly escrow unlock on May 1st. Post the token distribution, Ripple transferred 200 million XRP to its personal treasury account and set aside the remaining tokens in newly established escrows.
The analysis of XRPScan uncovered the fact that following the deposit of XRP into Ripple’s escrow account identified as ‘Ripple (1)’, this account subsequently transferred the tokens to the given wallet address. Consequently, the total quantity of XRP in existence expanded due to the introduction of previously unused tokens into circulation.
After a recent XRP transaction to rP4X2hTa7A, an anonymous wallet holder kept a balance of 50 million XRP. Subsequently, they transferred the remaining 100 million XRP to another unidentified wallet. This pattern of distribution raises the possibility of a large-scale sell-off, which could influence the price of XRP, currently hovering near the $0.5 mark after a period of consolidation.
XRP Price Analysis
Ripple’s sale of 150 million XRP tokens is not a new occurrence this year for the company, but such a large transaction could negatively impact the value of XRP. Historically, the price of XRP has tended to decrease slightly following Ripple’s token sales.
Recent transactions involving Ripple’s XRP have caused a significant drop in the cryptocurrency’s value. Just a few days prior, XRP was priced at approximately $0.5. Presently, the digital currency is being exchanged at around $0.49, representing a 1.37% decrease within the last day and a more substantial loss of 4.03% in the past week, as reported by CoinMarketCap.
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2024-05-16 00:11