ripplea cryptocurrency payments company and the largest holder of XRP, has launched another Extensive deal Which caught the attention of the cryptocurrency market. The payment protocol and exchange network has minted 150 million XRP, which represents about 0.25% of the cryptocurrency's current market capitalization.
Ripple transfers are extensive
In a recent post by X (formerly Twitter) on Wednesday, May 13, the blockchain tracking and analytics system, Whale Alert, was published. a statement Ripple sold 150 million XRP tokens worth more than $75.7 million. Beneficiary of Large XRP transfer It was an anonymous crypto wallet address identified as “rP4X2hTa7A”, which was activated by Ripple.
The transfer took place in two separate operations, with a time difference of one hour. Whale Alert revealed that 100 million XRP worth approximately $55,776,737 was transferred to “rP4X2hTa7A” from another anonymous wallet address “rhWt2bhRq”.
The second transaction saw the rest of the XRP transferred to “rP4X2hTa7A”, recording the transfer of 50 million XRP worth approximately $27.8 million.
according to Data From XRP Ledger (XRPL) explorer Bithomp, Ripple has consistently maintained a relationship with the wallet address, rP4X2hTa7A. Earlier on April 24, the cryptocurrency payments company transferred a whopping $100 million XRP To the wallet address above. Subsequently, portions of the cryptocurrencies were distributed from the wallet to several external addresses.
It is also worth noting that Ripple initiated a transaction worth 150 million XRP after that One billion XRP tokens launched On May 1 of the usual monthly escrow opening. After issuing XRP, Ripple distributed the cryptocurrency, transferring 200 million XRP to its personal treasury account and allocating the rest of the tokens to new accounts. Guarantees.
XRPScan data too open That after receiving the XRP collateral deposit, the Ripple treasury account identified as “Ripple (1)” sent the tokens to the wallet address mentioned above, resulting in an effective increase XRP supply Inflation by introducing new tokens into the market that were not previously in circulation.
After transferring XRP to rP4X2hTa7A, the anonymous wallet address held 50 million XRP and he moved The remaining 100 million XRP is transferred to another unknown wallet. If this distribution pattern continues, a sell-off may occur, which could impact the market XRP price, which were consolidated around Price tag $0.5.
XRP price analysis
Although Ripple's 150 million XRP is Not his first transfer This year, the sell-off could have a major impact on XRP. Historically, the value of XRP tends to experience minor declines afterward Ripple sells its tokens.
Following this trend, Ripple's recent XRP conversion will likely lead to a significant decline in the cryptocurrency's price. Just a few days ago, the price of XRP was trading at around $0.5. However, at the time of writing, the cryptocurrency is trading at $0.49 decreased By 1.37% in the past 24 hours and 4.03% in the previous week, according to CoinMarketCap.
Featured image from StormGain, chart from Tradingview.com