According to information availed to the crypto community by Twitter Bot, Whale Alert, 10,000,000 XRP tokens have been transferred from Ripple Otc Distributed wallet to an unknown destination. This is one of the most significant transactions that have been processed in the last few days and registered on Ripple’s blockchain. The transaction was worth 2,863,641 US dollars at current prices.
Even though a majority of cryptocurrencies in the market record sideways price trends amid such whale movements, the movement of Ripple’s XRP has maintained an upsurge trend this time.
10,000,000 #XRP (2,863,641 USD) transferred from Ripple OTC Distribution wallet to unknown wallet
— Whale Alert (@whale_alert) September 17, 2019
Coming back to the whale moment, the 10,000,000 XRP transaction was carried out over Ripple’s blockchain technology for a transaction charge of 0.000012 XRP that is worth about 0.00000362 US dollars. The block height of the transaction was #50106844.
The significant XRP transfer was carried out in 12 drops between the funding wallet address rMaV5QT2ZCwVFArQ7sdQMxhtzg6mgqJ47h and the receiving one being rEFtdHuyxgUjDL4t3gBsesQwHtnDy2W8rC, with a timestamp of 23:50:30 UTC on 17th September 2019.
Ripple Investors Discontent with Firm’s Spending
This is not the first time the Ripple (XRP) community has got its arms up complaining about the company’s flagrant spending.
Not too long ago, a Twitter user who goes by the handle @CryptoBitlord started a campaign on Change.org petitioning crypto followers to force Ripple Labs into stop dumping its default virtual currency. Through the petition dubbed Stop Ripple dumping, @CryptoBitlord has managed to garner over 3,000 signatures, a relatively impressive number considering the population of the XRP community. The target of the petition stands at 10,000.
According to the author of the petition:
“The only logical explanation that is evident to us is that Ripple Labs are dumping on us. The dumping is so large that it accumulates to billions. We need to stop this right now.”
According to the petition, the recent dismal performance in the price of Ripple’s default virtual currency, XRP, can solely be attributed to Ripple’s dumping of billions of XRP tokens to the market.
The San Francisco based fintech company, Ripple, still almost half of the total XRP supply in Ripple Otc Distributed wallet and sells a small portion once in a while. Also, Ripple holds the majority of XRP tokens in escrow.
Earlier this month, 3,500 million XRP tokens were transferred from Ripple’s escrow account, as it has become the norm, inciting fears of growing dumping.
XRP trades at $0.3135 after going up by 8.17% in the last 24 hours. Ripple’s native cryptocurrency remains the third most significant digital asset in the world with a total market cap of $13,497,915,967.
Ripple’s Alleged Dumping to be Met with Persistent Fork Threats
It appears the cries of Ripple community members are falling on deaf ears following their rage and annoyance of the company’s spending and excessive liquidity injection.
According to crypto analysts, Ripple’s continuous dumping and excessive liquidity injections are the factors to blame for the token’s downward price pressure in recent time. In other words, crypto followers are up in arms claiming XRP dumping benefit the fintech company alone but hurts the coin’s investors.
Mercy ! Mercy on poor investors ! stop dumping, mercy !
We want to Lichtenstein ! DAI promised ! pic.twitter.com/7jmEttHi2U
— AVR Crypto (@avrare) September 17, 2019
In their response, Ripple Labs claim the reason behind the company’s colossal selling of XRP tokens is to get capital to fund its operations and allow them to invest in several companies that have the potential to yield high returns back to the XRP ecosystem.
Recently, Ripple signed an agreement with the 8th largest bank in the US, the PNC — a deal that will see the bank utilize Ripple’s blockchain-powered international payment solution product, the xCurrent.
At present, the Ripple network has over 200 partners around the world comprising of banks, financial institutions, and payment providers.
It is estimated that Ripple owns about 60 billion of the 100 billion XRP tokens in existence. Currently, the world has seen the circulation of about 43 billion XRP tokens with Ripple releasing 1 billion XRP coins from its escrow account every month.
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