{"id":576362,"date":"2024-02-22T14:00:24","date_gmt":"2024-02-22T14:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=576362"},"modified":"2024-06-11T08:17:25","modified_gmt":"2024-06-11T08:17:25","slug":"ripple-dumping-millions-xrp-cto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/ripple-dumping-millions-xrp-cto\/","title":{"rendered":"Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction"},"content":{"rendered":"

Ripple has always been <\/span>subjected to claims<\/span><\/a> of manipulating the price of XRP and its <\/span>natural growth by selling coins<\/span><\/a>. As the cryptocurrency’s largest holder, Ripple has faced constant criticism about the <\/span>amount of XRP it holds<\/span><\/a>, with detractors arguing it gives them too much control and influence over the price.\u00a0<\/span><\/p>\n

Particularly, there’s been some drama swirling around the altcoin lately and claims that Ripple has been manipulating the market and systematically dumping its large holdings. This has come in light of a large transfer of 60 million XRP tokens from Ripple to an unknown wallet address.\u00a0<\/span><\/p>\n

Ripple Accused Of Dumping XRP And Manipulating Market<\/h2>\n

Whale transaction tracker Whale Alerts recently posted on social media a transfer of 60 million XRP worth $34 million from a Ripple-controlled wallet address into a private address. A further look shows that the private recipient wallet currently holds over 138 million XRP worth $75.5 million, with this same address receiving 80 million XRP from Ripple on February 11.<\/span><\/p>\n

Related Reading: Is Altcoin Season Upon Us? Here\u2019s What Bitcoin\u2019s Performance Shows<\/a><\/div>\n
\n

\ud83d\udea8 \ud83d\udea8 60,000,000 #XRP<\/a> (34,088,291 USD) transferred from #Ripple<\/a> to unknown wallethttps:\/\/t.co\/zfHG8o0Bbo<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) February 20, 2024<\/a><\/p><\/blockquote>\n

At the time of writing, Ripple controls about 6% of the current circulating supply. Therefore, it is only natural that large transactions like this from Ripple would generate waves in the market and lead to speculations. Consequently, the large transfers have reignited claims of Ripple selling its holdings amidst <\/span>ongoing consolidation<\/span><\/a> in the price of XRP.<\/span><\/p>\n

In addition, debates regarding XRP’s programmatic sales have resurfaced, as history shows this isn’t new to Ripple. According to <\/span>details shared<\/span><\/a> by a social media user, Jim_Knox, Ripple allegedly delivered XRP to three market makers in 2017 for the purpose of market sales, which resulted in a price suppression of the cryptocurrency during that particular period. Furthermore, recent accusations have taken root of Ripple using what it called the 4t and 6t bots to execute programmatic sales to exchanges.\u00a0\u00a0<\/span><\/p>\n

Ripple CTO Addresses Concerns<\/h2>\n

Ripple CTO <\/span>David Schwartz<\/span><\/a> took to a social media thread to address the rumors of price manipulation. An XRP community member had shared a meme suggesting that Ripple’s 4t and 6t bots have always prevented the price of XRP from increasing, keeping it at the $0.50 level.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In<\/a><\/div>\n

However, Schwartz <\/span>pointed out<\/span><\/a> that Ripple has discontinued the programmatic sales of XRP, with the company only selling its holdings through ODL transactions. <\/span>The ODL transaction method<\/span><\/a> is Ripple’s unique payment solution that offers instantaneous cross-border transactions. On the other hand, concerns regarding the recent large transactions from Ripple to unknown wallets are yet to be addressed, and it all remains speculative at this point.<\/span><\/p>\n

XRP is trading at $0.5463 at the time of writing, down by 0.50% in the past 24 hours but still maintaining a meager 2% gain in a 30-day timeframe. <\/span>Recent transaction<\/span><\/a> alerts from Whale Alerts have shown large amounts of XRP <\/span>leaving private wallets<\/span><\/a> to crypto exchanges, hinting at <\/span>potential selloffs<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

\"XRP<\/p>\n

Token price stalls at $0.54 | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
Featured image from U.Today, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ripple has always been subjected to claims of manipulating the price of XRP and its natural growth by selling coins. As the cryptocurrency’s largest holder, Ripple has faced constant criticism about the amount of XRP it holds, with detractors arguing it gives them too much control and influence over the price.\u00a0 Particularly, there’s been some drama swirling around the altcoin lately and claims that Ripple has been manipulating the market and systematically dumping its large holdings. This has come in light of a large transfer of 60 million XRP tokens from Ripple to an unknown wallet address.\u00a0 Ripple Accused Of Dumping XRP And Manipulating Market Whale transaction tracker Whale Alerts recently posted on social media a transfer of 60 million XRP worth $34 million from a Ripple-controlled wallet address into a private address. A further look shows that the private recipient wallet currently holds over 138 million XRP worth $75.5 million, with this same address receiving 80 million XRP from Ripple on February 11. Related Reading: Is Altcoin Season Upon Us? Here\u2019s What Bitcoin\u2019s Performance Shows \ud83d\udea8 \ud83d\udea8 60,000,000 #XRP (34,088,291 USD) transferred from #Ripple to unknown wallethttps:\/\/t.co\/zfHG8o0Bbo \u2014 Whale Alert (@whale_alert) February 20, 2024 At the time of writing, Ripple controls about 6% of the current circulating supply. Therefore, it is only natural that large transactions like this from Ripple would generate waves in the market and lead to speculations. Consequently, the large transfers have reignited claims of Ripple selling its holdings amidst ongoing consolidation in the price of XRP. In addition, debates regarding XRP’s programmatic sales have resurfaced, as history shows this isn’t new to Ripple. According to details shared by a social media user, Jim_Knox, Ripple allegedly delivered XRP to three market makers in 2017 for the purpose of market sales, which resulted in a price suppression of the cryptocurrency during that particular period. Furthermore, recent accusations have taken root of Ripple using what it called the 4t and 6t bots to execute programmatic sales to exchanges.\u00a0\u00a0 Ripple CTO Addresses Concerns Ripple CTO David Schwartz took to a social media thread to address the rumors of price manipulation. An XRP community member had shared a meme suggesting that Ripple’s 4t and 6t bots have always prevented the price of XRP from increasing, keeping it at the $0.50 level.\u00a0 Related Reading: Bitcoin Holds Above $50,000 Despite Nasty Drop, Crypto Expert Says Local Top Not In However, Schwartz pointed out that Ripple has discontinued the programmatic sales of XRP, with the company only selling its holdings through ODL transactions. The ODL transaction method is Ripple’s unique payment solution that offers instantaneous cross-border transactions. On the other hand, concerns regarding the recent large transactions from Ripple to unknown wallets are yet to be addressed, and it all remains speculative at this point. XRP is trading at $0.5463 at the time of writing, down by 0.50% in the past 24 hours but still maintaining a meager 2% gain in a 30-day timeframe. Recent transaction alerts from Whale Alerts have shown large amounts of XRP leaving private wallets to crypto exchanges, hinting at potential selloffs.\u00a0\u00a0 Token price stalls at $0.54 | Source: XRPUSD on Tradingview.com Featured image from U.Today, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":576366,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,89421,17209,3690,4531,83637,13172,15463,10972,78763],"class_list":["post-576362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-ripple-cto","tag-ripple-news","tag-ripple-xrp","tag-xrp","tag-xrp-news","tag-xrp-price","tag-xrp-ripple","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nIs Ripple Dumping Millions Of XRP? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Ripple Dumping Millions Of XRP? 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