Ripple has always been like that. What to claim The price of XRP and manipulating its price Natural growth through coin sales. As the largest holder of cryptocurrency, Ripple has been subject to constant criticism of cryptocurrency. Amount of XRP heldDetractors argue that it has too much control and influence over prices.
In particular, drama surrounding altcoins has been swirling recently, with claims that Ripple is manipulating the market and systematically selling off large holdings. This was done in view of the massive transfer of 60 million XRP tokens from Ripple to unknown wallet addresses.
Ripple accused of XRP dumping and market manipulation
Whale transaction tracker Whale Alerts recently posted on social media about the transfer of 60 million XRP worth $34 million from a Ripple-controlled wallet address to a private address. Further investigation revealed that the individual recipient wallet currently holds 138 million XRP worth $75.5 million, while the same address also received 80 million XRP from Ripple on February 11.
🚨 🚨 60,000,000 #XRP Transferred from (34,088,291 USD) #ripple To unknown wallet https://t.co/zfHG8o0Bbo
— Whale Alert (@whale_alert) February 20, 2024
As of this writing, Ripple currently controls approximately 6% of the circulating supply. Therefore, it is natural that large transactions like this one from Ripple would create waves in the market and lead to speculation. As a result, the massive transfer has reignited claims that Ripple is selling off its holdings. continuous integration With the price of XRP.
Additionally, the debate over programmatic selling of XRP has resurfaced. History shows that this is nothing new for Ripple. According to Details shared According to social media user Jim_Knox, Ripple reportedly delivered XRP to three market makers for the purpose of market sales in 2017, which suppressed the price of the cryptocurrency during that particular period. Additionally, there have been recent accusations that Ripple uses 4t and 6t bots to programmatically execute sales on exchanges.
Ripple CTO addresses concerns
Ripple CTO david schwartz We took to the social media thread to address the price manipulation rumors. XRP community members shared a meme saying that Ripple’s 4t and 6t bots always prevented the price of XRP from rising, keeping it at the $0.50 level.
But Schwarz pointed out Ripple has halted programmatic sales of XRP and the company only sells its holdings through ODL transactions. ODL transaction method Ripple’s unique payment solution that offers instant cross-border transactions. Meanwhile, concerns about recent large transactions from Ripple to unknown wallets have not yet been resolved and remain all speculation at this point.
XRP is trading at $0.5463 at the time of writing, down 0.50% in the last 24 hours, but still up just 2% in the 30-day period. Recent Transactions The alert from Whale Alerts showed large amounts of XRP. leave your personal wallet Hints on cryptocurrency exchanges potential sale.
Token price stalls at $0.54 | Source: XRPUSD on Tradingview.com
Featured image from U.Today, chart from Tradingview.com
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