• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
litecoin ltc price dump
Nexo

Will Ripple’s Massive Token Transfers Affect XRP Price?

Martin Young by Martin Young
3 years ago
in Ripple, Altcoin News, Emerging Markets, News
0

While bitcoin has been steamrollering everything else in the land of altcoins, some are going to extreme measures to manipulate their own token prices. Ripple’s recent transfer of 500 million tokens from its escrow wallet is one example, but how will it affect the price of XRP.


Ripple Dumping More XRP

According to a tweet by the ‘whale alert’ account yesterday, Ripple moved 500 million tokens out of its escrow wallet.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 500,000,000 #XRP (130,130,714 USD) transferred from Ripple Escrow wallet to Ripple

Tx: https://t.co/3NQNrLAIfc

— Whale Alert (@whale_alert) September 3, 2019

This equated to around $130 million moved by the San Francisco based fintech firm. This is the latest in a number of large transactions by the company that has infuriated the community and investors who claim that it is dumping XRP in order to depreciate prices.

Their angst has grown so much that a petition was started last week titled ‘Stop Ripple Dumping’, followed by a call to hard fork the blockchain. At the time of writing it had only garnered 3,100 signatures however so the movement has yet to attract the attention of XRP holders who appear to be dumping themselves as confidence dwindles.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

However, it appears that 300 million XRP went back into escrow a few hours later, possibly in reaction to the accusations of it dumping on investors and the community.

🔒 🔒 🔒 🔒 🔒 🔒 200,000,000 #XRP (52,950,974 USD) locked in escrow at Ripple

Tx: https://t.co/H6ZkU2TrMh

— Whale Alert (@whale_alert) September 3, 2019

🔒 🔒 🔒 100,000,000 #XRP (26,475,487 USD) locked in escrow at Ripple

Tx: https://t.co/Rf0hIvpnd5

— Whale Alert (@whale_alert) September 3, 2019

A further movement of 50 million XRP happened earlier this morning so the shenanigans are still going on.

🚨 50,000,000 #XRP (13,103,317 USD) transferred from Ripple to Ripple OTC Distribution wallet

Tx: https://t.co/pxGELip94u

— Whale Alert (@whale_alert) September 3, 2019

According to Forbes, Ripple boss Brad Garlinghouse has defended his company’s sale of the tokens.

“Reality is we decreased our sales by volume quarter on quarter and since then the inflation rate of XRP circulating supply has been lower than that of bitcoin and ether.”

The damage appears to have been done. Ripple has created huge divisions within the crypto community and this centralization and corporate manipulation of its token is exactly why. XRP is not a decentralized crypto asset like bitcoin or ether, so it should not be treated like one.

What About XRP Prices?

Fundamentally things are looking good for Ripple which continues to secure banking and financial partnerships across the globe. These help to expand the adoption of its cross border transfer platforms such as xRapid which utilizes the XRP token.

However, that has not been reflected in prices. XRP is one of the worst-performing crypto tokens this year. While most have clawed their way out of the depths of last December’s low, XRP has dumped almost 27% since the beginning of the year.

Market capitalization has been crushed by almost half in the past two months plunging from over $20 billion to around $11 billion today. XRP prices are also at their lowest for a year, currently hovering around $0.26. This trend is unlikely to reverse while the company keeps manipulating its token supply and incensing its investors.

Will XRP prices ever recover or is it a dead altcoin? Add your comments below.


Images via Shutterstock, Twitter: @whale_alert

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Martin Young

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

Related Posts

NFT

NFT Project Milady’s Charlotte Fang Accused Of Racism And Homophobia

11 hours ago
Magic Johnson

Magic Johnson Unveils NFTs Showcasing The Basketball Legend’s Iconic Moments

13 hours ago
Phishing

Phishing Criminals Steal $70,000 Using Beeple’s Hacked Twitter Account

2 days ago
Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

2 days ago
DAI

DAI Emerges Strong Despite Terra’s Downfall

2 days ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.