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Another Ripple XRP dumping? $15 mln worth in XRP moved

Another Ripple XRP dumping? $15 mln worth in XRP moved

October 1, 2019, | AtoZ MarketsRipple is by far the biggest XRP holder. It has a history of selling its shares which is great displeasure of other XRP owners. According to Ripple’s quarterly reports, the company has indeed sold vast quantities of its XRP holdings. It is assumed that these sales were made to finance the business and to make various investments in other companies.

Ripple moved $15.3 mln worth of XRP

The company reportedly sold a value of $251.51 million of its cryptocurrencies only in the second quarter of 2019. Also in its most recent quarterly report, it stated that it intends to take a more “conservative” approach to sell XRP this quarter. However, the company appears to be increasing sales again with three similar transactions from the company to its OTC distribution wallet in the last week alone. A total of $30 million XRP has been transferred to the OTC distribution wallet in the previous six days.

Read More: Ripple price prediction: XRP in a triangle pattern below 25 cents

Recently Ripple has just moved around $15.3 million worth of XRP. As always, the news of the big XRP transfer has been reported by WhaleAlert, a Twitter account it took place on different blockchain-based currencies.

As you can see, the transfer seems to have been made between one of Ripple’s company wallets and it’s over-the-counter distribution wallets. It seems very likely that the reason for the transfer is to sell the tokens.

Ripple XRP dumping anger investors 

Ripple and its XRP cryptocurrency have divided the opinion in the digital assets sector. Many analysts drew attention to the large number of XRPs the company had reserved for itself as part of its original distribution.

The company and some of its significant shareholders hold a vast amount of tokens. And as owners of such dominant control over the total offering have attracted the contempt of some crypto-currency purists.

The wave of dumping of its XRP holdings has angered some investors in the digital asset. It prompted a cryptocurrency fan to set up a petition on Change.org to try and get the company to stop contributing to the selling pressure by lowering the price of the resource.

The petition, created by a user called Crypto Bitlord, has so far been signed by 3,688 people. It was installed in August, but given the apparent number of sales of Ripple XRP in recent times, it does not seem to have the desired effect.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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