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Whale alert: Ripple just transferred 522 million XRP to unknown wallet

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

According to data provided by Whale Alert, Ripple transferred $132 million worth of XRP to an unknown wallet. This transaction occurred just a couple of days after when CEO Brad Garlinghouse claimed that they had decreased the sale of XRP. This information has left the crypto community buzzing.

Crypto community is speculating that Ripple is again going on a selling spree and XRP, which is currently trading at $0.255 might even fall further. This year Ripple has already lost 3 billion of its market capitalization. Multicoin Capital co-founder Kyle Samani recently said that Ripple selling XRP has caused the crypto currency’s price to drop.

Ripple is also facing a class-action lawsuit filed by some investors last year for allegedly selling unregistered securities. With this new massive transaction, the ongoing narration that Ripple is using XRP for their benefits and causing its price to remain stagnant will only get fueled.

On Wednesday CEO, Brad Garlinghouse tweeted that XRP’s sales are only there to increase its utility and support businesses. He also wrote that they decreased the sale of XRP by volume quarter over quarter and claimed that the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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