Ripple transfers 1.5 billion XRP to anonymous wallet, signaling massive sell-off is imminent

Ripple offloaded 150 million XRP worth more than $78 million after retaining 400 million tokens following this month’s ledger unlock.
Recently, market tracking platform Whale Alert drew attention to Ripple’s latest massive XRP transfer in a post. According to the latest news, the US payments company sent 150 million XRP to an anonymous wallet at 02:08 UTC today.
The size of the deal has fueled speculation about Ripple’s strategic intentions. In particular, the transfer of 150 million XRP has raised concerns among market observers about Ripple’s liquidation of XRP.
Ripple begins liquidation of 150 million XRP
Interestingly, an earlier report from The Crypto Basic suggested that the well-known payments company may have sold up to 400 million XRP this month. This follows Ripple’s first day of unlocking 100 million XRP from its account, after it conducted a transfer of 200 million XRP worth approximately $104.1 million from the “Ripple 24” wallet to its main operational wallet “Ripple 1” on June 1.
On the same day, Ripple transferred another 200 million XRP from the dormant wallet “Ripple 35” to “Ripple 1.” After these transactions, Ripple’s spendable wallets accumulated 400 million XRP.
Now, the payments company has offloaded 150 million XRP from its accumulated funds to an external destination, showing a cash transaction. Basically, the crypto community may witness more XRP transfers from Ripple to unknown addresses in the next few days, with 250 million XRP left in Ripple’s 1 spendable wallet.
410,239,560 are being transferred
Meanwhile, Ripple isn’t the only entity to have made significant XRP transfers recently. Whale Alert tracked that a Binance wallet transferred 26,284,136 XRP, equivalent to $13.75 million, to an unknown wallet at 07:00 UTC today.
The transaction was later followed by a transfer of another 2.542 billion XRP to another anonymous address. Additionally, 18 hours ago, Binance transferred $14 million worth of XRP to an undisclosed destination.
Likewise, the day before there were two notable transactions involving Japanese cryptocurrency exchange Coincheck. At 16:04 UTC, 6,111,7000 XRP worth $32 million was transferred from an unknown wallet to the Coincheck wallet.
Shortly after receiving this large sum, Coincheck transferred 6,114,2691 XRP worth $32 million to another unknown wallet. Additional deposits worth 58.7 million XRP were also observed, tied to the Bitstamp and Bitso exchanges.
In total, 410 million XRP worth more than $213 million has been in motion over the past 24 hours, involving well-known entities such as Ripple, Binance, Coincheck, Bitstamp, and Bitso. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.