Ripple Sends 200,000,000 XRP to Unknown Wallet: Details
San Francisco-based payments company Ripple moves 200 million XRP to an unidentified blockchain address in a single transaction. Whale Alert called the publics attention to the latest XRP movement involving Ripples blockchain address. Data from Whale Alert shows that Ripple transferred the 200 million XRP, worth $402.74 million, today at 10:16 UTC. https://twitter.com/whale_alert/status/1910638318519300218Unmasking the Identity of Recipient WalletA transaction of this sort usually attracts investors attention due to its size, leaving many investors wondering about its reason. To get a clearer picture, we delved deeper into the transaction to ascertain the identity of the recipient's wallet. While Whale Alert claims Ripple sent the 200 million XRP to an unlabeled address, 'rP4X2sKxv3', data from Bithomp suggests that this wallet is associated with the San Francisco-based crypto giant. Ripple activated the wallet on October 2, 2023, using 70 million XRP. Since then, it has engaged with other wallets affiliated with Ripple. The latest transaction involving 200 million XRP could be part of Ripples internal treasury management. It involves Ripple shuffling funds between its operational wallets. The entire 200 million XRP remained intact in the recipient wallet at press time. Notably, the latest transaction brought rP4X2sKxv3s balance to 290.11 million XRP. With XRP currently trading at $1.99 per coin, the dollar equivalent of the wallets balance is $577.32 million. Potential Purpose of the Transfer Reacting, popular XRP community figure XRP_Liquidity claimed that the transaction was an internal movement between two Ripple-controlled wallets. The user suggested that the 200 million XRP could be utilized for several functions, including ODL (now Ripple Payments), exchange-traded products (ETPs), and other financial transactions. If the fund is prepped for ODL, it could be reserved for institutions seeking to leverage XRP as a bridge currency for cross-border payments. However, for ETP, the coins could back funds that track the performance of XRP. If it is prepped for exchanges, it could provide liquidity to platforms where XRP is traded. It bears mentioning that XRP_Liquidity has been closely monitoring Ripples monthly XRP transfers to ascertain their destinations. In the meantime, the sending wallet, 'rBg2F1o91m', still has a balance of 200 million XRP. On April 2, this address received 300 million XRP from a wallet that later received 500 million XRP, part of the 1 billion XRP released from escrow this month. Notably, Ripple deviated from its traditional release schedule to unlock 1 billion XRP on April 3 instead of the first day of the month. The unlock occurred after Ripple first re-locked 700 million XRP in escrow for April.
Text source: The Crypto Basic
