XRP “celebrates” massive spike in network activity; over 1 billion XRP are being transferred or unlocked
Activity on the XRP network exploded massively after the release of one billion XRP on the Ripple Escrow wallet and a series of wholesale transfers on the blockchain worth around $108 million.
Series of massive transactions
Most of the aforementioned transactions have been made between anonymous wallets and exchanges like Bitstamp. The wallet, which sends more than $30 million worth of XRP on the exchange, is constantly moving massive amounts of coins, which could mean that it is somehow tied to the exchange or acts as one of many reserve wallets that centralized exchanges use.
Another suspicious transaction was a transfer of 100,000,000 XRP to an unknown address directly from the wallet associated with Ripple. The unknown wallet owns around 30 million XRP and is constantly redistributing large amounts of XRP among other wallets. The owner and purpose of the wallet remain unknown.
Enormous volume of funds unlocked
In addition to high transaction activity, the network just “celebrated” the unlocking of 1 billion XRP coins from Ripple’s Escrow wallet. Escrow is a feature of XRP Ledger that allows users to send conditional XRP payments to set aside XRP and release it when certain conditions are met.
It is not true that such a large amount of XRP is going to be injected into the market right away, but it is creating fears among XRP investors as the coin is already struggling to break out of the 90-day extended bear market.
At press time, XRP is trading at $0.3 and shows a 6% drop in the last 24 hours.
