Ripple, the company behind the crypto asset XRP, has reportedly just moved about $ 15.3 million of the digital currency into a wallet associated with a cash-free sale. The news may be a sign that the company plans to dump even more of its XRP symbols on the market.
Ripple is by far the largest holder of XRP. It has had a history of selling its own holdings, much to the chagrin of other XRP holders.
Does Ripple plan to sell another 60,000,000 XRP?
As usual, the news of the large XRP transfer was reported by WhaleAlert, a Twitter account that documents the largest transfers in different blockchain-based currencies.
🚨 60,000,000 #XRP ($ 15,351,840) transferred from Ripple to Ripple OTC Distribution Wallet
– Whale Alert ( @whale_alert) September 30, 2019
As you can see, the transfer seems to have taken place between one of Ripple's own company wallets and its over-the-counter distribution wallet. Based on the destination address, it seems likely that the motive behind the transfer is to sell the symbols.
Ripple and its cryptocurrency XRP have shared meaning in the digital asset industry. Many analysts drew attention to the large number of XRPs the company had reserved itself as part of its original distribution. The company and some of its key shareholders have huge numbers of symbols, and as owners of such controlling control of the total offering, they have derided some cryptocurrency purists.
According to Ripple's quarterly reports, the company has actually sold huge quantities of its XRP holdings. This sale has apparently been made to finance the business and to make various investments in other companies.
The company reportedly sold as many $ 251.51 million of cryptocurrency alone in the second quarter of 2019. It also stated in its latest quarterly report that it intends to take a more "conservative approach" to selling XRP this quarter. However, with three similar transactions from the company to the OTC distribution wallet over the past week, the company appears to be increasing sales again. A total of $ 30 million of XRP was transferred to the OTC distribution wallet over the past six days.
31,000,000 #XRP ($ 7,406,178) transferred from Ripple to Ripple OTC Distribution Wallet
Tx: https://t.co/uiQvKqqMyO Chapter19659002 ?? – Whale Alert (@ whale_alert) September 27, 2019
30,000,000 #XRP ($ 8,021,403) transferred from Ripple to Ripple OTC Distribution Wallet
Tx: https://t.co/ lzqYwFxqnvebrit19659002 ?? – Whale Alert (@whale_alert) September 23, 2019
Ripple's dumping of its XRP holdings has angered some investors in the digital asset. This prompted a cryptocurrency fan to set up a Change.org petition to try to pressure the company to stop contributing to the sales pressure that lowers the price of the asset. The request, created by a user named Crypto Bitlord, has been signed by 3,688 people so far. It was set up in August, but given the number of apparent Ripple XRP sales late, it doesn't seem to have the desired effect.
Related reading: Will Ripple CEO address XRP Dumping At Fintech Week?
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