It was pointed out today that 1 billion XRP tokens were transferred from Ripple’s escrow wallet, taking place in two transactions. Several minutes later, the same number of tokens were transferred back into the wallet in three transactions. The value of the tokens is estimated at near $220 million, with the observation coming in from a live tracker of crypto transactions, Whale Alert.
Many people within the XRP community have accused Ripple of dumping XRP, forcing the token’s price to crash. Executives at the blockchain-powered company have been threatened with a staged takeover if they are unable to address the concerns of the community, and a petition went online several months ago to ‘stop’ Ripple dumping. The company has declared that these transactions of extraordinary amounts, which have been seen previously, are the sales of XRP for the investment in firms for necessary growth and operational funding.
Despite forming new partnerships, notably that of Ripple investing into a $50 million collaboration with MoneyGram, the price of XRP has continually declined as of recent months. The coin is just about trading above its lowest price of the year ($0.219), with speculation that it may drop to zero early next year.