Ripplecryptocurrency payments company and largest holder of XRP has initiated another one huge scale transaction which caught the attention of the cryptocurrency market. The payment protocol and exchange network has released 150 million XRP, which is approximately 0.25% of the cryptocurrency’s current market capitalization.
Enormous-scale Ripple transfer
In a recent post by X (formerly on Twitter) on Wednesday, May 13, Blockchain tracking and analytics system, Whale Alert revealed that Ripple sold 150 million XRP tokens worth over $75.7 million. Recipient significant XRP transfer was an anonymous crypto wallet address identified as “rP4X2hTa7A” that was activated by Ripple.
The transfer occurred in two separate transactions, with a one-hour time difference. Whale Alert revealed that 100 million XRP worth approximately $55,776,737 was transferred to “rP4X2hTa7A” from another anonymous wallet address “rhWt2bhRq”.
In the second transaction, the remaining XRP was transferred to “rP4X2hTa7A”, representing a transfer of 50 million XRP worth approximately $27.8 million.
According to data from the XRP Ledger (XRPL) explorer, Bithomp, Ripple consistently maintains a link with the rP4X2hTa7A wallet address. Earlier, on April 24, the cryptocurrency payments company transferred as much as 100 million XRP to the above wallet address. Then, portions of cryptocurrencies were distributed from the wallet to several external addresses.
It is also worth mentioning that Ripple later initiated a $150 million XRP transaction release of 1 billion XRP tokens May 1st from the regular monthly deposit release. After the release of XRP, Ripple distributed the cryptocurrency, transferring 200 million XRP to its personal treasury account and allocating the rest of the tokens to novel deposits.
XRPScan data as well revealed that upon receipt of the XRP margin deposit, the Ripple treasury account identified as “Ripple(1)” sent tokens to the above-mentioned wallet address, effectively increasing XRP delivery inflation by introducing novel tokens to the market that have never been in circulation before.
After transferring the XRP to rP4X2hTa7A, the anonymous wallet address kept 50 million XRP and moved remaining 100 million XRP to another unknown wallet. If this distribution pattern continues, a sell-off could occur, potentially impacting the market XRP price, which consolidates around Price $0.50.
XRP price analysis
Although Ripple’s 150 million XRP airdrop is this is not the first transfer this year, a potential sell-off could have a drastic impact on XRP. Historically, the value of XRP tends to decline slightly after a session Ripple is selling its tokens.
Following this trend, Ripple’s recent transfer of XRP has potentially led to a dramatic drop in the price of the cryptocurrency. Just a few days ago, the price of XRP was around $0.50. However, as of this writing, the cryptocurrency is trading at $0.49 rejected according to CoinMarketCap by 1.37% in the last 24 hours and 4.03% in the previous week.
Featured image from StormGain, chart from Tradingview.com
