Following the Track of the 100 Million XRP
Ripple has recently moved 100 million XRP from the 200 million tokens that were kept from September’s 1 billion XRP token unlock. These tokens were sent through five different accounts before being deposited in small batches to four different exchanges, suggesting that they were sold. Notably, this sell-off occurred during a general price crash in the cryptocurrency market and as XRP itself lost over $1 billion in market cap.
After the 1 billion XRP escrow, Ripple re-locked 800 million tokens in new escrows, while keeping 200 million tokens in the “Ripple (1)” account for circulation. On September 11, 100 million XRP were sent from “Ripple (1)” to an unknown address, which was then forwarded to another address. Eventually, the tokens were sent to a new account before being deposited in four centralized exchanges.
Deposits in Centralized Exchanges
The four exchanges that received the XRP deposits are Bitstamp, Bitso, Independent Reserves, and BTC Markets. The total amount deposited in these exchanges was 71.805 million tokens, indicating an intention to sell. Additionally, an unknown address received 925,000 XRP, which resulted in an extra 730,000 XRP being moved from the initial 72 million XRP. The quick succession of transactions and the unplanned transfer suggest that all the addresses involved may belong to the same entity.
Hot Take: Ripple’s XRP Sell-Off Amid Market Crash
Ripple’s movement of 100 million XRP tokens, which were possibly sold, coincided with a significant market crash and a substantial loss in XRP’s market cap. This activity raises questions about Ripple’s strategy and the motives behind the sell-off. The timing of the transactions and the movement of the tokens through different accounts suggest a coordinated effort. It remains to be seen how this sell-off will impact the overall market and the future of XRP. As the cryptocurrency industry continues to face volatility and regulatory scrutiny, investors and enthusiasts should closely monitor such developments to make informed decisions.
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