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Ripple Dumps 150M XRP: What’s Behind the Massive Token Movement, and Is a Massive Dump Incoming?

John KumiBy 0Edited by John Kiguru 8. June 20243 Mins Read
  • Concerns build up among XRP investors as Ripple transfers another 150 million XRP from its reserves, causing a 6% price drop. 
  • In the last 24 hours, a total of 410,239,560 XRP ($213 million) has been transferred to and from multiple exchanges with the likes of Ripple, Binance, Coincheck, Bitstamp, and Bitso involved. 

Ripple Labs grabs headlines once again after transferring a whopping 150 million XRP ($78 million) from its reserves, igniting existing concerns amongst investors. On June 1, the blockchain company embarked on a similar initiative, releasing 1 billion XRP from its initial distribution. After this unexpected transfer, 200 million XRP ($104.1 million) was sent to Ripple’s treasury account (Ripple 1) from the Ripple 24 wallet.

On the same day, another 200 million XRP was sent from the dormant wallet (Ripple 35) to the Ripple 1 account, bringing the total to 400 million XRP. According to Bithomp, a reserve of 250 million XRP is now held by Ripple. 

The recent offloading of 150 million XRP to an external destination suggests a cashout transaction with more outbound XRP transactions from unidentified wallets expected in the next few days. Our research also discloses that Ripple is not the only entity facilitating significant XRP transfers.

According to Whale Alert, a Binance wallet transferred 26,284,136 XRP ($13.75 million) to an unknown wallet on June 7, at 07:00 UTC, a day after Crypto News Flash reported that 218 coins had been shuffled in just 24 hours.

🚨 🚨 🚨 🚨 150,000,000 #XRP (78,209,179 USD) transferred from #Ripple to unknown wallethttps://t.co/lPfylIvDdm— Whale Alert (@whale_alert) June 7, 2024

After this movement, another 25.42 million XRP was transferred from Binance to an anonymous address. On top of that, XRP worth $14 million was transferred from the exchange to an undisclosed destination. 

Significant XRP Movement Occurs on Other Exchanges and Led by Ripple

On the Japanese cryptocurrency exchange Coincheck, 61,117,000 XRP ($32 million) was transferred from an unknown wallet to Coincheck’s wallet. Soon after, Coincheck offloaded almost 61,142,691 XRP ($32 million) to an unknown wallet. Similarly, other inbound transfers worth 58.7 million XRP were observed on Bitstamp and Bitso exchanges. In the last 24, a cumulative of 410,239,560 XRP ($213 million) has been moved with Ripple Labs, Binance, Coincheck, Bitstamp, and Bitso involved.

The intentional release of XRP by Ripple has been disclosed to be a strategic movement to create a significant supply pressure on the spot market. With the impact on the price, analysts have observed that whenever Ripple sells its tokens, XRP experiences a local crash. From year to date, only 5 out of the 12 sell-off days resulted in a positive price movement. 

Unfortunately for the asset, it has undergone an extended bearish phase as it struggles to maintain a positive monthly return. Regardless, analysts remain optimistic as they expect XRP to break out of the multi-year symmetrical triangle pattern.

For analyst Amonyx, the long-awaited big explosion of XRP could be experienced soon. Similarly, Egrag Crypto expects the asset to successfully break out of the triangle to emulate the 41% surge recorded after a similar move in 2017. In 2017, XRP surged by 61,150%. Fascinatingly, analysts believe the current bull cycle could see a 61,390% surge. For Ripple CEO Brad Garlinghouse, XRP could hit $10 this year as he predicts the crypto market cap to reach $5 trillion.

Ripple CEO Predicts $5 Trillion Crypto Market Cap, XRP Could Hit $10

At press time, XRP was trading at $0.49 after declining by 6% in the last 24 hours and 21% from year to date. 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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