Ripple moved 500 million XRP, valued at around $1.1 billion, sparking fresh speculation across the crypto space. 

The transfer, flagged by blockchain monitoring service Whale Alert on May 2, initially sparked speculation of a large-scale dump. On-chain data, however, indicates that it was not a transfer to external wallets but rather a part of Ripple’s routine monthly escrow unlocks.

Up to 1 billion XRP (XRP) can be sold each month from escrow thanks to the company’s structure release mechanism. Unused tokens are usually returned to escrow to control supply and lower market volatility.