Whale Alert, the ever-vigilant live tracker for cryptocurrency transactions, noted that Ripple transferred a total of 1 billion XRP tokens from its escrow wallet on Dec. 2.The blockchain-based payments firm moved the massive amount of tokens in two separate transactions, worth around $219 million in total as of press time.
Interestingly, the company transferred the exact same amount of tokens back into escrow only seven minutes later, this time in three separate transactions.
Is Ripple crashing the token's price?This isn't the first time that Ripple has executed such enormous transactions.
The practice has raised concerns among the XRP community, as some of its members fear that Ripple is dumping XRP and crashing the token's price.
In August, a Change.org petition entitled "Stop Ripple dumping," was launched, followed by a more sarcastic petition in September, urging Ripple to increase the dumping of XRP and "Unleash the utility!".
The XRP community previously threatened the company's execs with staging a takeover if they do not start to pay attention to these concerns.
The company insists that it is selling XRP to invest in firms that could help its ecosystem grow and to fund its own operations.
Just recently, major money transmission network MoneyGram announced that the San Francisco-based company Ripple had completed its original commitment with a final $20 million investment.
As part of the agreement, MoneyGram would be able to draw up to $50 million dollars from Ripple in exchange for equity.
XRP - the third-largest coin by market capitalization - was not able to cash-in on the news.
Ripple Transfers 1 Billion XRP Tokens From Escrow Wallet and Back Again
Publicado en Dec 2, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Research firm: Bitcoin could see a sharp rebound past $10,000 if volume trend shifts
The consolidation phase that it has since entered may not last for too much longer, as an analysis of the cryptocurrency's volatility patterns suggests that BTC is poised to make a big movement in the days and weeks ahead. One factor that could signal that this potentially imminent volatility will favor bulls is the fact that its daily volume is climbing.
OKEx Continues Their Ongoing OKB Token Buyback
Cryptocurrency exchange OKEx announced the eighth round of buyback for its platform's proprietary OKB token.
Blockchain to Disrupt Music Industry and Make It Change Tune
While streaming platforms have changed the way music is consumed, making it more widely available to the listener, it has also created a whole new level of intermediation between artists and fans.
South Korean Crypto Exchange Is First to List Kakao's Token
Kakao's KLAY token is now trading with a South Korea won pairing despite the country's restrictions on ICOs.