1 Billion XRP Transferred from Escrow Wallet To Ripple, Then The $219M Gets Locked Up Again

  • Ripple states that it was not dumping XRP but using it to invest in new companies.
  • The current price of XRP is $0.220599 each, dropping by almost 1% in the last 24 hours.

Whale Alert is a profile on Twitter that is known for its real-time reports of massive cryptocurrency transactions. On December 2nd, the profile recorded a rather interesting transaction, 1 billion XRP tokens, coming straight from the Ripple escrow wallet.

The volume was moved in two transactions, worth about $219. However, in just seven minutes, the same number of tokens was moved back to the Ripple escrow account, moved in three separate transactions. Perhaps the fact that this isn’t the first time that Ripple has performed such a massive transaction.

The practice is relatively frequent by Ripple, though it has left some of the community worrisome that Ripple is intentionally dumping the crypto asset and crashing its price in the process. There was even a petition filed on Change.org in August on the matter titled β€œStop Ripple dumping.”

Another petition was published in September, albeit with a little more sarcasm as it called for Ripple to increase the dumping instead by saying β€œunleash the utility.”

Previously, the community of XRP had essentially threatened a takeover of the company, if these issues do not get the attention that they deserve. However, the company has stated that the purpose of the massive XRP sales is to invest in new companies to expand on the ecosystem for additional operations.

Through the last few months, the price of XRP has been dropped, even with a few new partnerships set up. MoneyGram, the money transmission network, only just announced the completion of its commitment, involving a $20 million investment.

These two companies recently collaborated to work on cross-border payments and forex settlements with digital assets, kicking off a two-year partnership. The agreement states that MoneyGram has the ability use up to $50 million from Ripple, exchanging for equity in the company.

Right now, XRP is still the #3 cryptocurrency asset by market capitalization, but it is having a weak moment. The yearly low of the asset was just $0.219, compared to the current price of $0.220599 at the time of writing, which isn’t much higher. The token has lost almost 1% of its value in the last 24 hours alone.

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Author: Krystle M

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