Ripple’s recent transfer of 200 million XRP has caught the attention of the market, highlighting its ongoing management of XRP supply through monthly escrow releases.
A significant transaction of 200 million XRP, valued over $100 million, was observed today according to a report from Whale Alert. The transfer occurred between unidentified wallets, adding intrigue to the movement within the cryptocurrency space.
On further examination of on-chain data from Bithomp, it was noted that in 2021, 100 XRP were previously transferred to activate the recipient address “rJqiMb94.” This address, which now holds an impressive 7.32 million XRP alongside the recent influx of 200 million tokens, is speculated to be associated with Ripple, given its wallet size and overlaps with the company’s activities.
In contrast, the sender address, though holding 70 million XRP, appears newer and was initiated by an unidentified transfer. As of today, it retains 5.12 million tokens.
The transfer likely reflects Ripple’s internal movement of funds between its wallets, a practice often observed at the start of each month. This coincides with Ripple’s scheduled release of XRP from escrow accounts, designed to manage supply and stabilize token prices.
Ripple’s escrow mechanism involves storing large quantities of XRP in successive escrow accounts. Each month, one billion XRP is released from these accounts, with any surplus tokens returned at month-end. This strategic approach aims to control token supply, ensuring a regulated release into the market.
Market data from CoinMarketCap reveals that XRP is currently priced at $0.4819, reflecting a 2.09% increase over the past 24 hours and a 1.44% gain over the last seven days. This positive trend underscores optimism surrounding XRP’s market performance.
Earlier discussions by Ripple President Monica Long emphasized the importance of regulatory clarity and robust trading volume in paving the way for a potential XRP ETF in the future.
For those interested in Ripple and XRP, resources such as guides, tutorials, and real-time price checks are readily available, offering insights into the cryptocurrency’s developments and market dynamics.
