Two hundred million XRP were moved between two addresses today, according to a report from Whale Alert. The addresses are listed as unknown, according to the source. However, something about these addresses moving nearly $100 million in XRP in a single transfer is remarkable.
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If we dive into the on-chain data from Bithomp, it turns out that the recipient address “rJqiMb94” was activated by none other than Ripple back in 2021, with a transfer of 100 XRP. Moreover, before receiving 200 million tokens, this address already held a rather impressive amount of 7.32 million XRP.
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Thus, given the overlap with Ripple and the size of the wallet, we can assume that the address belongs to the crypto company itself.
As for the sender address, it is relatively new and was activated by an unknown transfer, albeit in the amount of 70 million XRP. Now, it holds 5.12 million tokens.
What’s behind transfer?
It is likely that the entire transfer was simply Ripple moving funds from one of its wallets to another. Why? Because today is the first of the month – the day the crypto company releases some of its XRP reserves from its escrow accounts and releases them onto the market.
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Ripple’s system for XRP involves holding a lot of XRP in a series of escrow accounts. Each month, one billion XRP is released from an escrow account, with any unused tokens returned at the end of the month. This mechanism is designed to manage supply, which helps to keep prices stable and ensure a controlled release of tokens.
