XRP: 400M Offloaded: Ripple’s June Exodus Shakes Market

Source – CNBC

The crypto market is being agitated by Ripple’s latest 400 million token movements. These took place just in July.

This movement of funds has had a great impact on the market. As a result, analysts and investors are on the edge of their seats. The effect was even greater after the latest 200 million token transfer.

Also Read: Ripple XRP: When Will The First XRP ETF Launch?

Ripple’s Q1 2024 Holdings Decrease by Over 400M Tokens

XRP token on top of $1 bill
Image Source: WatcherGuru

After Ripple released its Q1 2024 Markets Report, it was clear to everybody that these significant fund movements would impact the market. The report covers a drastic 400 million token reduction in its holdings. Furthermore, this has occurred only over the first quarter of 2024.

Key Points from the Report

  • Ripple transferred 400 million tokens from its escrow wallet in June.
  • The most recent transfer of 200 million units has sparked speculations in the crypto market.
  • Finally, these large-scale capital movements opened discussions about Ripple’s strategy and possible effects on its price.

When writing this guide, the XRP’s price is $0.47377648, a change of -0.43% over the past 24 hours as of 4:22 a.m. The recent price action left the token’s market capitalization at $26.38B. So far this year, it has changed to -22.90%.

Also Read: Ripple: How XRP May be Preparing a $5 Bull Rally in 2025

Token Management

Even though Ripple has emphasized transparency in its holdings and movements, the company typically returns a substantial portion of the tokens into escrow at the end of each month. These consecutive large transfers in June have increased scrutiny of Ripple’s management practices.

Also Read: Ripple (XRP) Hits Millionaire Address Record; Could it Signal a Turnaround?

Market Response

The crypto community is watching the situation closely. Equally important, these transfers can influence XRP’s price and trading volume. Likewise, some investors see the large transfers as a potential buying opportunity. That said, others are worried about the market’s volatility.

Ripple has not yet commented publicly on the specific purpose of these June transfers. Only time will tell!