In a recent update by WhaleAlert, a massive transaction of 30 million XRP has taken place between an unknown wallet and the other wallet identified as ‘FundingWallet1.’ Interestingly, the hodler sends this massive amount just a few days after the release of one Billion XRP out of Ripple’s escrow.
XRP Receives Community Backlash
Although such a release was expected, a previous transfer of 90 Million XRP sent to OTC markets raised suspicions among traders and analysts. Per some well-known forums, it seems that the receiver was Chris Larsen, former CEO and current Executive Chairman of Ripple.
This move has invited backlash from the community. Also, it seems that only Ripple is reaping profits from the ongoing bearish trend. Unfortunately, the token has seen huge losses making it one of the worst-performing cryptocurrency in CoinMarketCap’s Top 10 coins.
Crypto Twitter further went on to say that no banks were in need of XRP. A user further said that the balance might have been transferred to Donald Trump.
Interestingly, the negative sentiment is not new, it has been building in recent weeks since Twitter user Crypto_Bitlord started a campaign, asking Ripple to change its business model and also stop dumping XRP in the market.
At the same time, Peter Brandt also accused Ripple of price manipulation in a series of tweets.
“Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards,”
Brandt then explained his use of language in the following tweet:
“I used ‘manipulate’ because it is exactly what Ripple has been doing since it introduced XRP.”
Unfortunately, the campaign strategy fell flat and neither the threats to create an XRP fork work well.
A Look At XRP Price Trends
XRP has been bearish from 2018 to 2019, and Ripple’s steady sales don’t seem to be helping the token. The token was trading at $0.4 in July 2019 and slipped all the way down to $0.25 today. Also, the trend shows no signs of reversal.
Chris Larsen remained unavailable for comment. In fact, his last tweet is from July 2019, and the one before that is from April.
Will XRP live up to its name and fame or will it be rendered a flop show? Let us know what you think?
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.