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Ripple moves 3 billion XRP tokens representing 5.4% of the circulating supply
Ripple, the blockchain payments company behind XRP, recently completed several transactions involving large XRP. The firm moved 3 billion XRP, 5.4% of the token’s circulating supply, across eight different transactions. These large-volume transactions, worth around $1.5 billion, have raised concerns about market stability.
Ripple transfers 3 billion XRP tokens worth over $1.5 billion
The leading on-chain monitoring platform Whale Alert disclosed Recent Ripple escrow transactions. According to the report, Ripple completed eight transactions in 30 minutes.
Two of the transactions are related to the company’s monthly escrow release. However, the six additional transactions reflected significant amounts, attracting more attention.
Ripple releases 1 billion XRP tokens from its escrow account monthly as part of its XRP tokenomics. However, it appears that this month’s release was significantly delayed as it didn’t run at midnight. Therefore, transactions continued smoothly until the next day.
A prominent cryptocurrency commentator, Marty Party, taken to X to discuss transactions. User X pointed out that XRP transfers amounted to over $1.5 billion, much higher than expected.
Furthermore, the total transaction volume represents 5.4% of XRP circulating supply. This raises concerns about inflation, which could potentially suppress the price of XRP. Despite fears related to Ripple’s massive token transfers in the cryptocurrency space, the price of XRP has remained resilient.
XRP trades to $0.5215, indicating an increase of 0.90% over the past day. Although its market capitalization stands at $28.91 billion, its trading volume increased by 70.01% to $1.04 billion.
Details of the latest Ripple transactions
The first transaction occurred at 21:30 UTC on June 1, when 200 million XRP was transferred from one Ripple account to another. The second transaction, which occurred four minutes later, involved the transfer of 300 million XRP to a different Ripple wallet. The total volume of coins transferred amounted to 500 million XRP tokens.
Once again, Ripple moved 500 million XRP tokens between its associated wallets, representing the third transaction at 9:38 PM UTC. The fourth transaction occurred three minutes later, with the 500 million XRP locked in escrow.
Subsequently, the Ripple wallet address that received 300 million XRP locked all tokens in escrow. This amounted to a total transfer of 1.8 billion, of which 800 million was locked in escrow.
Ripple completed the sixth transaction by transferring 200 million XRP between two accounts, bringing the cumulative volume to 2 billion coins. It is worth noting that the first six transactions were not related to Ripple’s monthly escrow release.
Ripple has unlocked 500 million XRP tokens in its first escrow. After three minutes, the blockchain company completed its monthly escrow release by unlocking another 500 million XRP.
Overall, the last two transactions brought Ripple transfers to a total volume of 3 billion XRP tokens. The company completed the transactions between 21:30 and 21:58 UTC on June 1.
Interestingly, Ripple’s June transactions marked the second time the company released 1 billion XRP from its escrow. The company has only unlocked 500 million XRP since February this year. Additionally, the company still relocks some tokens even with the unlock pattern change.
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