Whale Alert reported that 250 million XRP worth $67,045,053 was transferred from an unknown wallet to an anonymous wallet. Yesterday, the price of the cryptocurrency dropped by more than 12%. At the time of writing the coin is changing hands at $0.2360.
🚨 🚨 🚨 🚨 🚨 🚨 250,000,000 #XRP (67,045,053 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 24, 2019
As of now, the reason behind such a huge transfer is unknown. The XRP holders are concerned about the possible price manipulations. Last week XRP had reached $0.30 after breaking many technical barriers.
Ripple is known for dumping huge amounts of XRP into the market, but in this transfer, the wallets did not involve Ripple’s known OTC wallet which they usually use to dump XRP into the market. Last week Ripple transferred 30 million XRP worth $8 million to its OTC wallet.
30,000,000 #XRP (8,021,403 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) September 23, 2019
Some from the crypto community opined that the large move might not be a sell-off, but rather a distribution aimed at providing liquidity to concerned parties. If this is the case, then this should not cause any panic among the XRP holders.
Let us know in comments what do you think about this massive transfer and was it a sell-off or a potential dump?