Ripple’s Mysterious 250,000,000 XRP Transfer Explained by Fresh Data

Data shared by the prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency transfers, has revealed a massive crypto transaction initiated by the fintech giant Ripple.

Aside from that, one more large XRP transaction was spotted. Recent data shared by XRPscan contains the details of these transactions, and particularly of that tremendous one conducted by the San Francisco-based crypto giant.

Ripple shovels 250 million XRP into unknown

According to the above-mentioned data source, blockchain juggernaut Ripple made a jaw-dropping transfer, moving 250,000,000 XRP to an anonymous wallet.

This equivalent of the third-largest crypto constitutes a whopping $703,901,147. XRPscan has shown that these funds were transferred to a Ripple-affiliated crypto wallet – Ripple50 and the goal was likely to prepare this amount for covering the company’s operational costs, as well as adding part of it to the Ripple Payments network, OTPs, and various investments.

Once a month, Ripple unlocks 1,000,000,000 XRP from escrow, leaving around 300 million to itself and sending back the rest. It is likely that the 250 million XRP moved by the company on Friday came from one of these XRP lumps unlocked from escrow earlier this year.

Besides, Whale Alert also detected a 50,000,000 XRP transfer between anonymous wallets. However, the analytics account @XRPwallets shared that this money was sent from Ripple to a wallet that belongs to one of its founders and a former CEO, Chris Larsen.

You Might Also Like

49,999,989 XRP transferred anonymously

Simultaneously with the 250-million XRP transfer, Whale Alert shared the details of another large XRP transaction. This one carried 49,999,989 XRP worth $140,841,434.

The tracker marked this transfer as the one made “from unknown wallet to unknown wallet.” But @XRPwallets claimed that this whole amount of XRP was sent to a subwallet belonging to the defunct FTX crypto exchange.