Crypto News

Ripple transfers 75 million unlocked XRP tokens

Ripple (XRP) conducted a transaction involving 75 million unlocked XRP tokens on October 16

Recently, Ripple (XRP) conducted a transaction involving 75 million unlocked XRP tokens on October 16, originating from the 200 million tokens retained after October’s escrows.

These monthly inflations of XRP are sold or utilized by Ripple during strategic market opportunities, such as during a recent surge and decline event involving Bitcoin.

On the same day, Ripple used 75 million XRP tokens, and crypto news companies spread unverified and false rumors about the SEC’s supposed approval of BlackRock’s Bitcoin spot ETF.

This rumor briefly pushed the BTC price from $27,700 to $29,900. But BTC quickly retraced to $28,000. This abrupt move also impacted other crypto like XRP.

Notably, Ripple had previously employed 60 million unlocked XRP tokens on October 10. This latest potential sell-off follows a similar pattern to the previous one, as the tokens moved through six different accounts before being deposited in small portions onto four exchanges, suggesting they were mostly sold.

After the 1 billion unlocked XRP event on October 1, Ripple re-locked 800 million tokens in new escrows while keeping 200 million in the “Ripple (1)” account. Following the previous 60 million token transactions, 140 million unlocked XRP remained.

This information was collected and tracked on October 17 from the token’s public ledger to provide insights into how XRP’s inflation may affect its holders’ purchasing power, both in the short and long term.

Within this context, 75 million of the remaining 140 million XRP were transferred from “Ripple (1)” to an unknown address, “rJqiM…La8nE,” on October 16. Subsequently, 70 million were sent to “rP4X2…sKxv3” just five hours later.

Notably, from the initial 75 million held by “rJqiM…La8nE,” 1.05 million XRP was transferred to “rKL6i…S5Xwa,” which was promptly forwarded to a Bitstamp-known account, likely for sale in the spot market.

Returning to the remaining trail, “rP4X2…sKxv3” only forwarded 26 million unlocked XRP out of the 70 million tokens received to “rhWt2…E32hk.” The latter account then sent 32.205 million to “rJgpQ…7hCvf,” and a total of 63.205 million was immediately forwarded to “r4wf7…h4Rzn.” These accounts were involved in the liquidation of a portion of their previous balance.

All the addresses used during the last sell-off were also utilized in this new transaction, and the short time interval between each step could suggest that these addresses are controlled by the same entity responsible for selling the monthly unlocked XRP.


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