Ripple Escrow Wallet Transfers Another 500 Million XRP to Company
In recent times, Ripple has been at the center of whale moves and has managed to move a significant amount of XRP. In the latest development, Ripple Escrow wallet has completed the transfer of 500 million XRP token to Ripple.
In a recent tweet, the Whale alert indicated tokens worth around $130.1 million moved from the Ripple Escrow Wallet to Ripple. The Whale alert account usually provides information regarding cryptocurrency whale movements, and it is always informing the community about various crypto whale moves.
The gigantic transactions in the past few months have had a negative influence on the price of XRP. At the end of August, Whale indicated movement of the huge amount of XRP coins worth more than $132 million to an unknown wallet from Ripple. Equally, on September 1, there was a transfer of around 1 billion XRP coins from the Ripple Escrow Wallet to Ripple.
In 2017, Ripple Labs indicated that it will be realizing close to 1 billion XRP every month. The process would go on for the next 55 months and will most likely conclude in mid-2021, which implies that there are still a lot of XRP coins to be transferred.
It seems like the community is not supporting the company on the issue, judging from various sentiments from members. The fintech company asserts that what it is doing is a routine process that occurs in each quarter. However, considering the massive Whale movements in the past few months, XRP investors are already turning against Ripple. Already, they have created a petition on change.org in protest against the company.
This is a serious concern for the company, and it must move with speed to address XRP investors regarding the scenario. Ripple is likely to witness a mass exodus of investors opting out of XRP if it fails to do this.
The scenario presents a positive thing in that XRP’s volume has grown since the start of last month and currently stands at over 1 billion. XRP surged 1.54% in the last session and currently trades at $0.259.
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