rippleThe cryptocurrency payments company and largest holder of XRP has launched a new initiative. large deal This is attracting the attention of the virtual currency market. The payment protocol and exchange network released 150 million XRP, equivalent to approximately 0.25% of the cryptocurrency’s current market capitalization.
Ripple large-scale remittance
A recent post on X (formerly Twitter) on Wednesday, May 13th featured Whale Alert, a blockchain tracker and analytics system. disclosed Ripple reportedly sold 150 million XRP tokens worth more than $75.7 million.beneficiary of Large amount of XRP transfer This is an anonymous crypto wallet address identified as “rP4X2hTa7A” and was activated by Ripple.
The transfer occurred in two separate transactions separated by one hour. Whale Alert revealed that 100 million XRP worth approximately $55,776,737 was transferred from another anonymous wallet address “rhWt2bhRq” to “rP4X2hTa7A.”
The second transaction moved the remaining XRP to “rP4X2hTa7A” and recorded a transfer of 50 million XRP worth approximately $27.8 million.
according to data From Bithomp, the XRP Ledger (XRPL) explorer, Ripple has consistently maintained a relationship with wallet address rP4X2hTa7A. Early on April 24th, the cryptocurrency payment company transferred a whopping $100 million. XRP Go to the above wallet address. A portion of the cryptocurrency was then distributed from the wallet to several external addresses.
It is also worth mentioning that Ripple initiated 150 million XRP transactions. Released 1 billion XRP tokens Beginning May 1st, recurring monthly escrow unlocks will begin. After the release of XRP, Ripple distributed the cryptocurrency, transferring 200 million XRP to personal financial accounts and allocating the remaining tokens to new tokens. escrow.
XRPScan data also revealed After receiving the XRP escrow deposit, a Ripple treasury account identified as “Ripple(1)” sent the tokens to the aforementioned wallet address, effectively increasing it. XRP supply Inflation is caused by introducing new tokens into the market that were not previously in circulation.
After the XRP transfer to rP4X2hTa7A, the anonymous wallet address will hold 50 million XRP, moved The remaining 100 million XRP will be sent to another unknown wallet. If this distribution pattern continues, a crash could occur and potentially have consequences. XRP price, has been integrated around. $0.5 price mark.
XRP price analysis
Ripple’s dumping of 150 million XRP is It’s not the first time I’ve moved A potential decline could have a dramatic impact on XRP this year. Historically, XRP’s value tends to decline slightly thereafter. Ripple sells tokens.
Following this trend, Ripple’s recent XRP transfer could lead to a dramatic drop in the cryptocurrency’s price. Just a few days ago, the price of XRP was trading around $0.5. However, as of this writing, the cryptocurrency is trading at $0.49. I refused According to CoinMarketCap, it has gained 1.37% in the past 24 hours and 4.03% in the past week.
Featured image from StormGain, chart from Tradingview.com
