Blockchain firm Ripple Labs has moved 630 million XRP, worth roughly $1.3 billion at current prices, in a departure from its usual 1 billion token unlock schedule.
According to blockchain tracking platform Whale Alert, the first major transaction occurred at 11:00 p.m. UTC on June 1, when an anonymous wallet sent 330 million XRP to an address linked to Ripple.
However, data from XRPScan confirmed the move was an internal transfer between two Ripple-controlled wallets, Ripple 26” and “Ripple 1.”
Just two minutes later, “Ripple 26” transferred another 170 million XRP to “Ripple 15,” bringing the total internal movement to 500 million XRP.
Shortly after, Ripple locked up 670 million XRP in escrow across two transactions. The first, via wallet “Ripple 14,” secured 200 million tokens. The second, from “Ripple 15,” locked up the remaining 470 million.
Ripple’s regular XRP unlocking schedule
Typically, Ripple unlocks up to 1 billion XRP on the first of each month and re-locks around 700 million. For example, on May 1, Ripple moved 1 billion XRP across its wallets and re-locked 700 million. The following day, May 2, it proceeded with its standard 1 billion XRP unlock.
Ripple’s deviation from its usual pattern, combined with the scale of these movements, could affect XRP’s price.
Suppose the activity reflects a shift in Ripple’s broader liquidity or strategy. In that case, it may introduce heightened volatility in the near term, complicating matters for the token, which is already battling increased bearish sentiments aligning with the broader market sentiment.
XRP price analysis
At press time, XRP was trading at $2.17, up nearly 1% in the past 24 hours but down over 7% on the weekly timeline.
The token is below its 50-day simple moving average (SMA) of $2.28, pointing to short-term weakness, but it is still above the 200-day SMA of $1.91, indicating a sustained long-term uptrend.
Meanwhile, the 14-day relative strength index (RSI) stands at 42.46, suggesting weak momentum but not yet oversold conditions.
Featured image via Shutterstock
