Reportedly two miscellaneous wallets were noticed transferring two hundred and fifty million (250m) XRP tokens with the value of sixty-seven million dollars ($67m). Up till now, the currency has not been moved to a place where it could be traded.
A huge amount of cryptocurrency is currently under the process of relocation, which may be related to the gigantic crypto crash that took place on Tuesday. As thirty-seven thousand two hundred and twenty-five (37,225) Bitcoins (BTC) were moved by traders which cost around three hundred and twenty-five million dollars ($325.5m) if sold.
🚨 🚨 🚨 🚨 🚨 🚨 250,000,000 #XRP (67,045,053 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 24, 2019
The wallet under discussion does not trace back to Ripple, which possessed at least sixty percent (60%) of the total XRP tokens. Ripple did sell around twenty-one million (21M) XRP worth five million dollars ($5.5m) on Monday.
On Monday, Ripple appeared to sell twenty-one million (21m) XRP worth five and a half million dollars ($5.5m). The trade was made via a wallet used to sell digital properties to third party companies, i.e. a crypto exchange.
An hour before the sale took place; an OTC wallet was topped up with thirty million XRP. About thirty (30) million XRP tokens costing about eight million (8) dollars transferred from OTC to OTC wallets. This attitude has been pushed back after XRP was criticized by various XRP investors for selling point each month.
Brad Garlinghouse, the chief executive officer of XRP, said that XRP price couldn’t be decided, manipulated or controlled. People can manipulate markets with smaller tokens and lower market caps, according to Brad.
However, XRP is a ginormous magnitude, so it isn’t easier for people to manipulate their prices. His point was to make people realize that XRP only wanted everything to be in its own benefit.
Ripple has sold around one billion dollars ($.1.1b) worth of XRP ever since 2016. Ripple has also been on investing in companies, products, and buildings, etc., and tends to sell quarters of XRP gradually.