Ripple XRP price has been declining over the last two years. Things may worsen for XRP as a “Ripple investor group” may be planning to sell around 485 million Ripple tokens very soon.
As reported by on-chain data, this crypto scam group owns more than 485 million XRP in their possession and may come to an agreement to dispose of these tokens in the open market very soon.
The PonziToken plan became famous last year and it is not known for possessing XRP. They also acquired many BTC and ETH tokens. “Plus Token” was a cryptocurrency Ponzi scheme disguised as a high-yield investment program.
“Ripple investor group” commenced transferring its tokens
In the last few days, on-chain metrics have displayed that this “Ripple investor group” has commenced transferring its BTC, ETH, and other tokens. This is what normally takes place when holders are planning to sell. If this takes place, cryptocurrencies may take a vital hit against US dollars.
BTC and ETH may not experience such effects as compared to XRP since they possess more XRP tokens. If all XRP tokens are discharged at the same time, the effects may be fatal since the PlusToken reemerged as this presumed “Ripple investor group”.
Based in China, PlusToken presented itself as a cryptocurrency wallet that would reward users with high rates of return if they purchased the wallet’s associated PLUS cryptocurrency tokens with Bitcoin or Ethereum. They have disposed of more than $500 million in various cryptocurrencies in the market.
This group apparently aims to benefit from the improved trend in the market by selling their tokens when the prices are high compared to US dollars. People prefer to sell so that they can obtain the most US dollars equivalent.
A foretaste of things to come
Spencer Noon, head of DTC capital posted a transaction by PlusToken on Twitter:
This week the following PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC ($203m USD) – 789k ETH ($183m) – 26m EOS ($68m) – 20m XRP ($4m). The big question: can the crypto markets absorb this volume or are we headed lower?
DTC Capital is a fundamentals-focused Crypto Investment Fund with offices at Greater New York Area, East Coast, Northeastern US.
Thomas Silkjær, the founder of xrplorer, spoke about this in a recent post, saying:
If the 485,000,000 XRP from PlusToken…is in fact still in the hands of bad actors, they are being moved to exchanges in an increasing rate. – This week alone, close to 100,000,000 has been sent to [HBTC].
In the beginning, the price of Ripple was $0.181239 which is lower by 1.0% compared to the US dollars and lower by 1.23% compared to Bitcoin. The trading volume within a day is $1,066,478,611 and the market capitalization is $8,021,230,224. Although PlusTokens have more than 485 million tokens in-store, they are probably going to sell $4 million by 4th July.