Crypto whales have caused a significant disturbance to the cryptocurrency market in the past where cryptocurrency users have moved a massive amount of Bitcoin, Ripple’s XRP, and many other altcoins. Whales are the wealthy investors who have a profound impact on the market trends once they move their money around.
Undoubtedly, crypto whales hardly go unnoticed as they have a significant impact on a crypto’s market performance. Today, yet another massive amount of XRP tokens seem to be moved in the market.
The Transaction
As per the post from the Whale Alert, a substantial amount of XRP tokens (1,000,000,000) that are worth $320,072,524 got moved from Ripple Escrow wallet on August 1, 2019 (today).
Concerning the wallets, BillClintonSecret was the one who initiated the transaction, and Ripple was the one, who received the amount (as it has been the case mostly).
Type: Escrow
Execution Time (UTC): 2019-08-01 00:00:10
Initiated by: BillClintonSecret
Escrow owner: Ripple
Receiver: Ripple
Escrow amount: 1 000 000 000 XRP
XRPL fee: 0.000012 XRP (12 drops)
The report clarifies that Ripple made the transaction and around 1,000,000,000 XRP were moved from the escrow wallet. Let’s recall one thing; Ripple holds around 60% of total XRP tokens which are stored in its escrow wallet.
In recent times, Ripple has moved a large amount of XRP worth millions. As the blockchain firm holds a substantial part of XRP tokens, Ripple keeps on making such Whale moves to fulfill its supply distribution plan that the blockchain firm has mentioned to the public already.
However, such movements mostly affect the market price and some holders’ anger. This raises a serious question mark on the reliability of the crypto market.
As like in any case, this time, the users have come up with mixed opinions. Some say that this adds an adverse effect to the market of XRP, whereas some have the belief that this is a technical game that lets the crypto to make a long-term advancement to the supply of XRP.
A user named Dakota Shipley in response to the tweet by Whale Alert said:
“Everyone blows up when this happens; it is a monthly escrow release. On average, 70-80% of XRP (800 Million) is returned. The 80% that is returned, will be placed back into another 55-month escrow. They have a 30-year plan to distribute the supply; this is not a ‘Pump & Dump’.”
Perhaps the whale movements seem to become part of the market, where the big investors always have the advantage of moving their assets around.
Ripple (XRP) Market Now
The $320 million worth whale movement seems to have affected XRP price slightly so far. At the time of press, Ripple (XRP) is in red by 2.27% in the last 24 hours. The trading price remains around $0.314, whereas the market cap stands at $13,443,918,229.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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