Saturday, January 16, 2021

Did Ripple just dump 30 million XRP?

The Takeaway:

Ripple transferred 30 million XRP worth $8.5 million to its OTC wallet, which is used to distribute the cryptocurrency. XRP was trading at $0.30 a 19% high in the last 24 hours when Ripple made the transfer.

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Over the past few months, Ripple has faced criticism from the crypto community for its selling XRP in huge amounts for their benefits. Now, Whale Alert has reported that Ripple transferred worth $8.5 million XRP to its OTC distribution wallet. 

Ripple decided to make this transaction after the XRP’s price started to rise and was up almost 19% in the last 24 hours. So far no one from Ripple has made any comments over the transaction. Ripple’s OTC wallet is designed for the distribution of the coins. 

Crypto community believes that this is a clear indication of Ripple manipulating the price of XRP. XRP’s current market capitalization is $13.6 billion. Ripple has repeatedly claimed that XRP is decentralized. But the company owns the majority of the cryptocurrency. 

Earlier this month Ripple CEO in a series of tweets tried to clarify the sell of XRP by saying that it helps in increasing the utility of the cryptocurrency and he also claimed that they had reduced the sell of XRP many times. But this contradicts with the current activities of Ripple as they indicate something else. 

Let us know in comments what do you think about Ripple’s decision to dump XRP so regularly?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jesse Kirby
Jesse Kirby
Since his childhood days, Jesse was fond of writing and learning new things. He developed a special interest in bitcoin back in 2011 and started to get deep into the crypto space. After completing his masters degree from Bnos Menachem School, New York, Jesse became a full time writer and crypto analyst.

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