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Ripple’s Strategic XRP Transfers Spark Market Concerns

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Ripple Gears Up for Stablecoin Launch with New Leadership and Key Acquisition

Ripple has offloaded 150 million XRP, valued at over $78 million, after reserving 400 million tokens during this month’s escrow unlock. This transaction has prompted speculation about Ripple’s strategic intentions, with concerns that the payment firm might be planning to dump XRP.

In a recent post on X, market tracking platform Whale Alert highlighted Ripple’s latest significant XRP movement. At 02:08 UTC today, the American payment firm transferred 150,000,000 XRP to an anonymous wallet. This transaction has fueled concerns among market observers about Ripple potentially dumping XRP.

Ripple’s Strategic Moves

Earlier, The Crypto Basic reported that Ripple might liquidate up to 400 million XRP this month. On June 1, Ripple moved 200 million XRP, valued at around $104.1 million, from the “Ripple 24” wallet to its primary operating wallet, “Ripple 1,” following the 1 billion XRP unlock from escrow. On the same day, Ripple transferred another 200 million XRP from the dormant “Ripple 35” wallet to “Ripple 1.” 

Related article: Ripple (XRP) Price Update: Brace for Impact

Consequently, Ripple’s spendable wallet accumulated 400 million XRP. Now, the payment firm has already offloaded 150 million XRP from the stockpiled fund to an external destination, suggesting a cash-out transaction. The crypto community could witness more outbound XRP transactions from Ripple to unidentified addresses in the coming days, with 250 million XRP remaining in the Ripple 1 spendable wallet.

Other Significant XRP Movements

Meanwhile, Ripple is not the only entity orchestrating significant XRP movements recently. Whale Alert tracked a Binance wallet transferring 26,284,136 XRP, equivalent to $13.75 million, to an unknown wallet at 07:00 UTC today. This transaction was followed by a 25.42 million XRP transfer from the exchange to another anonymous address. Additionally, 18 hours ago, Binance offloaded $14 million worth of XRP to an undisclosed destination.

Related article: Ripple Unveils Plans for Dollar Stablecoin, Teases XRP Spot ETFs

The previous day saw notable transactions involving the Japanese cryptocurrency exchange Coincheck. At 16:04 UTC, 61,117,000 XRP, worth $32 million, moved from an unknown wallet to Coincheck’s wallet. Shortly after receiving this substantial amount, Coincheck offloaded nearly the same quantity, 61,142,691 XRP, valued at $32 million, to a different unidentified wallet. 

Other inbound transfers, collectively worth 58.7 million XRP, were observed with Bitstamp and Bitso exchanges. In the last 24 hours, 410,239,560 XRP, worth over $213 million, have been on the move. This activity involved prominent entities such as Ripple, Binance, Coincheck, Bitstamp, and Bitso.

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