Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction
February 22 2024 - 9:00AM
NEWSBTC
Ripple has always been subjected to claims of manipulating the
price of XRP and its natural growth by selling coins. As the
cryptocurrency’s largest holder, Ripple has faced constant
criticism about the amount of XRP it holds, with detractors arguing
it gives them too much control and influence over the price.
Particularly, there’s been some drama swirling around the altcoin
lately and claims that Ripple has been manipulating the market and
systematically dumping its large holdings. This has come in light
of a large transfer of 60 million XRP tokens from Ripple to an
unknown wallet address. Ripple Accused Of Dumping XRP And
Manipulating Market Whale transaction tracker Whale Alerts recently
posted on social media a transfer of 60 million XRP worth $34
million from a Ripple-controlled wallet address into a private
address. A further look shows that the private recipient wallet
currently holds over 138 million XRP worth $75.5 million, with this
same address receiving 80 million XRP from Ripple on February 11.
Related Reading: Is Altcoin Season Upon Us? Here’s What Bitcoin’s
Performance Shows 🚨 🚨 60,000,000 #XRP (34,088,291 USD) transferred
from #Ripple to unknown wallethttps://t.co/zfHG8o0Bbo — Whale Alert
(@whale_alert) February 20, 2024 At the time of writing, Ripple
controls about 6% of the current circulating supply. Therefore, it
is only natural that large transactions like this from Ripple would
generate waves in the market and lead to speculations.
Consequently, the large transfers have reignited claims of Ripple
selling its holdings amidst ongoing consolidation in the price of
XRP. In addition, debates regarding XRP’s programmatic sales have
resurfaced, as history shows this isn’t new to Ripple. According to
details shared by a social media user, Jim_Knox, Ripple allegedly
delivered XRP to three market makers in 2017 for the purpose of
market sales, which resulted in a price suppression of the
cryptocurrency during that particular period. Furthermore, recent
accusations have taken root of Ripple using what it called the 4t
and 6t bots to execute programmatic sales to exchanges.
Ripple CTO Addresses Concerns Ripple CTO David Schwartz took to a
social media thread to address the rumors of price manipulation. An
XRP community member had shared a meme suggesting that Ripple’s 4t
and 6t bots have always prevented the price of XRP from increasing,
keeping it at the $0.50 level. Related Reading: Bitcoin Holds
Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not
In However, Schwartz pointed out that Ripple has discontinued the
programmatic sales of XRP, with the company only selling its
holdings through ODL transactions. The ODL transaction method is
Ripple’s unique payment solution that offers instantaneous
cross-border transactions. On the other hand, concerns regarding
the recent large transactions from Ripple to unknown wallets are
yet to be addressed, and it all remains speculative at this point.
XRP is trading at $0.5463 at the time of writing, down by 0.50% in
the past 24 hours but still maintaining a meager 2% gain in a
30-day timeframe. Recent transaction alerts from Whale Alerts have
shown large amounts of XRP leaving private wallets to crypto
exchanges, hinting at potential selloffs. Token price
stalls at $0.54 | Source: XRPUSD on Tradingview.com Featured image
from U.Today, chart from Tradingview.com
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