It is reported that Ripple has just transferred 31,000,000 XRP to its OTC distribution wallets before the closing of the third quarter. The worth of 31 million XRP is about $7.4 million.
It is said that Ripple Foundation has sold the XRP to various enterprises, institutions and crypto exchanges using the over-the-counter distribution wallet. This is not the first time as it happened in the past many times when the tokens moved to wallets to distribute them further.
31,000,000 #XRP (7,406,178 USD) transferred from Ripple to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) September 27, 2019
Action taken at the end of 3rd Quarter
This initiative has been taken before the end of the third quarter as the quarter will be ended on the 30th of September. It was expected as most of the crypto experts gave signals about it before it happened.
The firm sold almost 99,906,407 XRP of worth $24.1 million during the period of the third quarter that is going to be closed at the end of September. This value is calculated by a wallet tracker called Whale Alert.
The half of the supply of XRP is owned by Ripple itself and most of it locked through the escrow that is released with the emergence of needs. The Foundation used these holdings to fuel the ecosystem and for funding purposes.
Xspring will now handle Logos Network
The subsidiary firm called Xspring that monitored that investment and payments activities of Ripple bought the Logos Network, a decentralized payments firm. This will help the platform to expand its services to be enjoyed by the users such as futures, loans and other finance capabilities.
As part of Xpring, the Logos team will be leading an ongoing initiative to explore a decentralized financial (DeFi) system that will leverage XRP at its core, as well as other ideas we are exploring to leverage crypto to transform payments and finance. The Logos team will bring even more horsepower to what the Xpring team can deliver.
Doubts about its Decentralization
On 3 September, it was reported that 500 million XRP had been moved from its escrow wallet. These actions taken on the part of the platform have raised many doubts among the crypto community. As some experts claimed that the price of the token is manipulated directly by the Ripple Foundation that weakened its claim of decentralization.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
