Ripple Just Shuffled 180 Million XRP: Details

Blockchain addresses associated with Ripple moved significant sums of XRP tokens in a likely transfer for Ripple Payments (ODL) purposes.

Blockchain company Ripple has begun the new week with transfers of 180 million XRP ($94 million). The transfers occurred within ten minutes, and the company transferred 80 million XRP while receiving 100 million XRP from another address.

Although blockchain data does not explicitly state the purpose of the transfers, recent communication from Ripple and a review of transaction history provide some insights. In the past week, Ripple shared that it has changed the model that the company employs to sell XRP to its institutional clients.

Ripple reverted to a different mechanism from the old model, where the company sells XRP to clients under specific written contracts. Under the new model, these entities use the received XRP to facilitate instant and low-cost on-demand liquidity (ODL) transfers.

According to Ripple, this modification was made even before the landmark court ruling in July 2023. With the transfers now taking place within a short time, it cannot be argued that the buyer anticipated profit based on Ripple’s effort.

Recent Transfers May Involve ODL Clients

Some of these recent XRP transfers, including previously mentioned ones, may be linked to sales to Ripple’s ODL customers. The addresses associated with the latest transfer have also moved large sums of XRP.

The receiving address in the 80 million XRP transfer was only activated in October 2023 and still holds a balance of 124.5 million XRP ($64.7 million XRP). The Ripple-linked address that received the 100 million XRP also maintains the same balance, evidently until it is ready to be involved in another transfer.

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Meanwhile, the recent transfers have not had a notable impact on the XRP price. The cryptocurrency continues its consolidation above the $0.50 mark, trading around $0.52 at the time of writing.