AltcoinCryptocurrency

Ripple Has transferred 522 Million XRP into an Unknown Wallet, says Whale Alert

The recent report of whale alert says that the Ripple’s company has transferred 522 million XRP which worth 132.4 million dollars into an unknown wallet.

After this huge transfer of XRP, the whale watchers of cryptocurrency have now fixed their eyes on the Ripple’s company.

Crypto traders and investors are considering this movement as an over-the-counter sale of XRP to the third party. But according to Whale Alert, the crypto wallets of OTC are searched and there was no record of the transaction from any of these wallets.

Currently, Ripple is having more than half of the total supply of XRP. The company is under questioning for the sale of this coin after this massive movement.

The company has got more than 2000 signatures of institutional participants and the petition asked Ripple to just hold the coins instead of selling it. The inventor of the petition has declared that if Ripple does not halt the selling of the coins, then there will be consequences and there is a possibility that they start an alternative to the XRP ledger in the next two months.

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Bloomberg has also questioned this act of selling of XRP in response to which the Ripple’s company has said that they have done it in order to pay their bills and fund projects whose purpose is to boost up the ecosystem of XRP and blockchain.

As the Ripple says in its response:

Programmatic sales of XRP ‘as a percentage of volume and the actual supply inflation rate were lower’ than for Bitcoin or Ether, [Ripple] said in a statement on Friday. Sales had been tied to trading volumes reported by exchanges, and recognizing that some platforms were misreporting volumes, Ripple has ‘substantially reduced XRP sales,’ a trend that’s expected to continue this quarter, the company said. It also said discrepancies Coin Metrics found come down ‘to a timeline issue.

Conclusion

The transfer of XRP into an unknown wallet and this act of selling of coins is criticized by the petition and Bloomberg and now Ripple is under questioning.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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