Data from Whale Alert pointed out a 500 million transfer of XRP tokens from its escrow wallet. The $130 million worth of XRP sparked huge controversy from the Ripple community.  Crypto enthusiasts noted that the transfer wasn't the first of its kind to take place in the <a href="https://www.eu-startups.com/2019/09/10-fintech-startups-to-watch-out-in-2019-and-beyond/">Fintech startup</a>. Concerned with crashing prices, petitions at Change.org urged the startup to stop dumping XRP tokens. 
<h2>XRP Whales and Token Dumping</h2>
Crypto Bitlord, a twitter user noted how shameful that whale behavior is widely accepted in the crypto community. Contrary, another petition adopting  a more sarcastic tone persuaded Ripple to increase XRP dumping and ‘ unleash the utility!’In a press announcement, Ripple stated it was selling XRP tokens so as to invest in firms that could possibly help the Ripple ecosystem grow. Without selling, the startup can not fund its operations’ said an official of Ripple. 

The Whale news comes amidst Ripple and <a href="https://www.cryptoknowmics.com/crypto/coinbases-cryptocurrency-exchange-head-of-security-says-education-is-their-biggest-challenge/">Coinbase</a> falling out of Linkedin’s top 10 Hottest companies to work for. Both fin-tech startups have maintained the top 10 positions in the <a href="https://www.linkedin.com/pulse/linkedin-top-startups-2019-50-hottest-us-companies-work-jessi-hempel">50 hottest U.S companies to work for</a> in the past few years. Linkedin moved Ripple to 28th place and Coinbase to 29th, a downgrade from 2018s positions seven and third respectively. Linkedin released the list on Sep 4. 
<h2>Conclusion</h2>
It is not clear what to expect from Ripple. It seems that the altcoin’s price is heading for a massive long breakout; or a sudden nosedive. XRP broke its strongest support of $0.28 on August 14. The testing of this support resulted in a strong resistance that ripple is not yet to break.

 It is evident that the bulls will need to push the XRP price beyond $0.28. Meanwhile, we can be hopeful of a short term market rally to approximately $0.33. However, the coin is forming a thin support around $0.25 and in case the bears fall below $0.25, the downturn could resume to levels as low as $0.19.

&nbsp;

Ripple’s 500 Million XRP tokens Mystery Transfer from Escrow Wallet

Data from Whale Alert pointed out a 500 million transfer of XRP tokens from its escrow wallet.The $130 million worth of XRP sparked huge controversy from...

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Ripple’s 500 Million XRP tokens Mystery Transfer from Escrow Wallet

Top Picks