Ripple Moves 150M XRP Tokens to Different Crypto Wallets

Ripple recently sent a substantial amount of XRP tokens from its reserves to several different crypto wallets.

Ripple has recently moved a substantial amount of XRP tokens from its reserves, sending the tokens to several different crypto wallets. The transaction, which involved approximately 150 million XRP, has drawn attention from the crypto community.

According to data from XRP Scan, the transaction was made on July 1 and involved a total of 300 million XRP tokens being moved from two different Ripple accounts. From the initial distribution, Ripple released 1 billion XRP, sending 200 million to its vault account and retaining the remaining 800 million tokens.

From the vault account, labeled “Ripple (1),” the company sent 150 million XRP to a specific crypto wallet, identified as rP4X2hTa. Transactions like this contribute to the inflation of the XRP supply, as tokens that have never been in circulation before are introduced into the market for the first time.

At the time of writing, 202 million tokens remain in the rP4X2hTa account, while 50 million have already been transferred to another account, rhWt2bhR, which is a well-known intermediate address.

The rhWt2bhR address is frequently used before XRP tokens are sent to crypto exchanges. XRP Scan data shows that, following the transfer from rP4X2hTa, rhWt2bhR sent 45.279 million XRP tokens to yet another wallet, r4wf7e9W.

Lastly, along with previously existing tokens, r4wf7e9W sent a total of 71.55 million XRP, worth approximately $31.5 million, to centralized exchanges such as Bitstamp, BTC Markets, and Bitso.

All the XRP wallets mentioned in this article currently hold around 234.38 million XRP tokens, valued at over $103 million. There is a possibility that these tokens may eventually find their way to centralized exchanges.

Typically, entities move their crypto assets from self-custody to centralized exchanges when they intend to sell them. However, some individuals believe that Ripple’s movement of tokens is necessary to maintain adequate liquidity.

The sale of tokens by Ripple has historically had a significant impact on the price of XRP, primarily due to the selling pressure it creates in the spot market. In most cases, when Ripple has decided to sell its tokens, XRP has experienced local price drops.

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