Ripple Moves 60,000,000 XRP as Concerns of Dump Grow

An address associated with Ripple moved over $34 million worth of XRP, leading to community concerns that the company might be dumping coins again.

In the hours leading up to press time, a Ripple-controlled address moved 60,000,000 (60 million) XRP ($34 million) to an unknown wallet. The transaction, which occurred at 06:24 UTC, has captured the attention of the XRP community.

On-chain data confirms that the wallet at the receiving end holds a little over 150 million XRP ($85 million). This address also received 80 million XRP from Ripple on February 11, which subsequently dispersed a portion to other wallets.

Notably, blockchain data does not reveal the entity behind the recipient wallet. However, the movements of the received funds have led to speculations that Ripple may be using this channel to dump the coins on exchanges. 

However, that is not the only possibility, as recently explained by Ripple’s CTO David Schwartz. Ripple’s core payment business requires large institutions to use XRP as a means of transferring value around the globe. 

It is noteworthy that one of the wallets that received assets from the latest address exhibits such a characteristic, which involves receiving and moving on large amounts of XRP almost instantly. This pattern has triggered speculation that the large movements could also be linked to ODL transactions.

XRP Price Unmoved by Large Transfer

Nonetheless, market watchers believe the recent whale transactions are harmless, as the price of XRP has barely reacted to them.

Instead, the cryptocurrency has gained 1.15% in the past 24 hours, despite Bitcoin’s struggle to stay above the $52,000 mark. At the time of writing, XRP is trading at $0.5675 with a market cap of $31 billion.