Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction

Ripple has at all times been subjected to claims of manipulating the value of XRP and its pure development by promoting cash. Because the cryptocurrency’s largest holder, Ripple has confronted fixed criticism in regards to the quantity of XRP it holds, with detractors arguing it offers them an excessive amount of management and affect over the value. 

Notably, there’s been some drama swirling across the altcoin currently and claims that Ripple has been manipulating the market and systematically dumping its massive holdings. This has are available gentle of a giant switch of 60 million XRP tokens from Ripple to an unknown pockets deal with. 

Ripple Accused Of Dumping XRP And Manipulating Market

Whale transaction tracker Whale Alerts just lately posted on social media a switch of 60 million XRP value $34 million from a Ripple-controlled pockets deal with into a personal deal with. An additional look exhibits that the personal recipient pockets at the moment holds over 138 million XRP value $75.5 million, with this identical deal with receiving 80 million XRP from Ripple on February 11.

🚨 🚨 60,000,000 #XRP (34,088,291 USD) transferred from #Ripple to unknown wallethttps://t.co/zfHG8o0Bbo

— Whale Alert (@whale_alert) February 20, 2024

On the time of writing, Ripple controls about 6% of the present circulating provide. Due to this fact, it is just pure that enormous transactions like this from Ripple would generate waves out there and result in speculations. Consequently, the massive transfers have reignited claims of Ripple promoting its holdings amidst ongoing consolidation within the worth of XRP.

As well as, debates relating to XRP’s programmatic gross sales have resurfaced, as historical past exhibits this isn’t new to Ripple. In keeping with particulars shared by a social media person, Jim_Knox, Ripple allegedly delivered XRP to a few market makers in 2017 for the aim of market gross sales, which resulted in a worth suppression of the cryptocurrency throughout that individual interval. Moreover, current accusations have taken root of Ripple utilizing what it referred to as the 4t and 6t bots to execute programmatic gross sales to exchanges.  

Ripple CTO Addresses Issues

Ripple CTO David Schwartz took to a social media thread to deal with the rumors of worth manipulation. An XRP neighborhood member had shared a meme suggesting that Ripple’s 4t and 6t bots have at all times prevented the value of XRP from growing, retaining it on the $0.50 stage. 

Nevertheless, Schwartz identified that Ripple has discontinued the programmatic gross sales of XRP, with the corporate solely promoting its holdings via ODL transactions. The ODL transaction methodology is Ripple’s distinctive cost resolution that provides instantaneous cross-border transactions. However, issues relating to the current massive transactions from Ripple to unknown wallets are but to be addressed, and all of it stays speculative at this level.

XRP is buying and selling at $0.5463 on the time of writing, down by 0.50% up to now 24 hours however nonetheless sustaining a meager 2% acquire in a 30-day timeframe. Latest transaction alerts from Whale Alerts have proven massive quantities of XRP leaving personal wallets to crypto exchanges, hinting at potential selloffs.  

Token worth stalls at $0.54 | Supply: XRPUSD on Tradingview.com

Featured picture from U.Immediately, chart from Tradingview.com

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