- Ripple transfers 100 million XRP amidst a notable market price crash.
- The majority of the moved XRP lands in four prominent centralized exchanges.
Deciphering Ripple’s 100 Million XRP Journey
As the cryptocurrency sector faced tumultuous waves with a market-wide price dip on September 11, Ripple‘s strategic movements caught the attention of many. From its recent 1 billion XRP token unlock in September, the company chose to transfer a whopping 100 million XRP. The series of transactions gives rise to the speculation that a considerable amount of these tokens have been sold, especially given that the majority ended up in recognizable centralized exchange addresses.
Diving deeper into the XRP‘s journey, out of the initially unlocked 1 billion XRP, Ripple re-locked 800 million into new escrows, holding back 200 million tokens in the “Ripple (1)” account. This reserve ostensibly was to be gradually introduced into the market using XRP’s inherent supply inflation strategy.
Tracing the Ripple Effect
On September 11, a transaction of 100 million XRP was initiated from the “Ripple (1)” account to an unidentified address. Subsequent rapid transfers followed this, where the tokens traversed through multiple addresses. At one juncture, 28 million XRP remained in one account while a significant 72 million was transferred to another. This 72 million batch of XRP then saw itself being shuttled between various addresses in quick succession.
The climax of this digital ballet culminated with the 72 million XRP eventually being dispatched to four distinct known centralized exchange addresses:
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- Bitstamp garnered 39.875 million XRP.
- Bitso was credited with 22.78 million XRP.
- Independent Reserves received 8.65 million XRP.
- BTC Markets saw an influx of 500,000 XRP.
The sum of these transactions, 71.805 million tokens, landing in the coffers of centralized exchanges typically indicates a move to sell. Moreover, a separate address got credited with 925,000 XRP.
Interestingly, the speed at which these transactions occurred, coupled with an unexpected transfer between certain addresses, gives rise to speculation that all involved addresses might be operated by a single entity. However, without concrete evidence, such an assertion remains in the realm of speculation.
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