Ripple Moves 3 Billion XRP Tokens Representing 5.4% of Circulating Supply

Ripple, the blockchain payment company behind XRP, recently completed several transactions involving massive XRP. The firm moved 3 billion XRP, 5.4% of the token's circulating supply, via eight different transactions. These large-volume transactions, valued at around $1.5 billion, have triggered market stability concerns.

Ripple Transfers 3 Billion XRP Tokens Worth Over $1.5 Billion

The prominent on-chain tracking platform Whale Alert disclosed Ripple's recent escrow-related transactions. According to the report, Ripple completed eight transactions within 30 minutes.

Two of the transactions are connected to the company's monthly escrow release. However, the additional six transactions reflected significant amounts, attracting more attention.

Ripple releases 1 billion XRP tokens monthly from its escrow account as part of its XRP tokenomics. However, it seems this month's release had a significant delay as it failed to execute at midnight. Hence, the transactions slipped nicely into the next day.

A prominent crypto commentator, Marty Party, took to X to discuss the transactions. The X user pointed out that the XRP transfers amounted to more than $1.5 billion, way higher than expected.

Moreover, the total transaction volume represents 5.4% of XRP's circulating supply. This raises concerns about inflation, which could potentially suppress XRP price. Despite fears of Ripple's massive token transfers within the crypto space, XRP's price has remained resilient.

XRP trades at $0.5215, indicating a 0.90% surge over the past day. While its market cap is $28.91 billion, its trade volume increased by 70.01% to hit $1.04 billion.

Details of Ripple's Latest 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 followed four minutes later, involved the movement of 300 million XRP to a different Ripple wallet. The total volume of transfer coins amounted to 500 million XRP tokens.

Again, Ripple moved 500 million XRP tokens between its associate wallets, accounting for the third transaction as of 21:38 UTC. The fourth transaction occurred three minutes later, with the 500 million XRP locked in escrow.

Next, the Ripple wallet address that received 300 million XRP locked all tokens in escrow. This amounted to a total transfer of 1.8 billion, with 800 million 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's worth noting that the first six transactions were not related to Ripple's monthly escrow release.

Ripple unlocked 500 million XRP tokens in the first escrow. After three minutes, the blockchain firm completed its monthly escrow release by unlocking another 500 million XRP.

Overall, the last two transactions brought Ripple's 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 firm has released 1 billion XRP from its escrow. The company has been unlocking only 500 million XRP since February this year. Also, the firm still relocks some tokens even with the change in its unlocking pattern.

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