Aside 1 Billion XRP that was moved from Ripple escrow wallet on the first day of September, 2019 – the blockchain tech has recently ordered another exorbitant amount of XRP, amounting to about $127 million (500,000,000 XRP) at press time.
Ripple, the US based Payment Company that oversees the distribution of XRP has constantly been accused of mass-dumping the digital currency. This accusation has always come from within and without its community of members, and this has also been attributed to the slow growth of XRP in the crypto market.
1,000,000,000 XRP Unlocked Just Two Days Ago From Ripple Escrow Wallet
According to the report from Whale Alert, a sum of 1,000,000,000 XRP priced around $254 Million was unlocked from Ripple Escrow wallet on the 1st of September. This did not really raise much alarm as the very amount allocated for a month was moved.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (258,488,781 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) September 1, 2019
Another 500,000,000 XRP Moved From Ripple Escrow Wallet Raises Alarm
Adding to the 1 Billion XRP moved on September 1st – Ripple moved another 500,000,000 XRP from its escrow wallet, making the total transfer for the month amounting to 1,500,000,000 XRP. This has simply exceeded the amount meant to be moved for a single month.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (130,130,714 USD) transferred from Ripple Escrow wallet to Ripple
— Whale Alert (@whale_alert) September 3, 2019
Could the Mass-dumping of XRP by Ripple Stop Anytime Soon?
The fact that Ripple is making indiscriminate transfer of XRP from its escrow wallet cannot be argued. This has been tagged as unusual dumping by a number of crypto pundits and keen observers. Many of the commenters see investors at the losing side eventually if the mass sell-off is not curtailed.
The large amount of XRP recently moved in quick succession is quite accruing more attention than usual, probably due to present price of XRP in the market. This fact has made many to tag the digital currency as the best loser among other top 10 cryptocurrencies.
Actually, there is no wrong doing if a cryptocurrency product trades its digital token on other markets, but Ripple’s sell-off since the start of Q1 of this year seems “beyond measure“. This has not been termed as the best, considering the reputation of Ripple.
More XRP transfers could still be expected from the team in charge at Ripple. The company seems planning for needed expansion, and the transferred funds are reportedly meant for that purpose. But the question that keep ringing is the kind of expansion Ripple wants, which makes it to allocate over 250 million US dollars for each month.
XRP’s Situation in the Market
So far, XRP has not made much gains compared to other top digital currencies, especially Bitcoin, Ethereum (ETH), BCH, Monero (XMR) and Litecoin (LTC).
At press time, XRP is trading at $0.262431, with about 2% price increase in the last 24 hours. With the look of things, the chance of XRP replicating the growth trend of Bitcoin is quite minute, as the king of coins extends its market dominance distinctly.