On-chain data reveals Ripple has continuously transferred millions of XRP to a central address from the crypto exchange Bitstamp, totaling over 120 million this month.
This pattern of sustained inflow to Bitstamp has raised concerns of a systemic selloff orchestrated by the San Francisco-based technology company. Moreover, these movements have come up when XRP remains stuck in bearish conditions.
A Web of XRP Transfers
The movements for this month began shortly after Ripple unlocked 1 billion from escrow for October. Notably, on Oct. 1, the firm released 100 million and 400 million XRP to one of its wallets and then released 500 million XRP to another wallet, totaling 1 billion tokens.
The wallet that received 100 million and 400 million tokens sent all the tokens back to escrow. However, the second address that received 500 million XRP once moved 300 million tokens to escrow and retained 200 million tokens. It then sent the 200 million XRP to another Ripple address on Oct. 1.
The recipient of the 200 million XRP held onto the tokens until Oct. 9, when it transferred 60 million XRP to another wallet belonging to Ripple. Following a series of transfers, the tokens ended up in a central address, which Ripple leveraged to send most of the assets to Bitstamp.
This central Ripple-controlled address already held millions of XRP even before it received the tokens released from escrow this month. One of the earliest transfers to Bitstamp saw 47.5 million XRP moved to the exchange’s address on Oct. 2.
After receiving the tokens unlocked this month, the Ripple address then transferred an additional 42.5 million tokens to the same Bitstamp address on Oct. 9. Two days later, it moved 23 million XRP to the same address.
Interestingly, this same Bitstamp address received another batch of XRP tokens from a separate Ripple-affiliated address earlier. The movement saw an inflow of 7.844 million XRP on Oct. 5.
Concerns Raised
These four transfers to the Bitstamp address have amounted to 120.84 million XRP ($58.3 million) since Oct. 2. Notably, there remains a sense of angst among market participants amid speculation of an imminent dump. However, these movements are not particularly new.
Ripple has continued to move tokens in a similar fashion over the past few years. These tokens mainly involve XRP released from escrow. Nonetheless, the company sells them off in a pattern that has minimal effects on the market.
Last month, The Crypto Basic highlighted the movement of 506 million XRP over 19 days. Ripple transferred these tokens to Bitstamp. The company also moved 31 million XRP on Aug. 30.
Notably, Ripple does not sell off all the XRP tokens released each month. This move would have resulted in 1 billion tokens dumped on the market each month. Instead, the firm locks back about 800 million monthly. Attorney Bill Morgan recently asserted that Ripple does this to support XRP’s price.
