Ripple News Today – Whale Alert Flags 50,000,000 XRP Transfer in One Transaction – May 24th, 2020

  • Ripple Transfers 50,000,000 XRP in a Single Transaction Igniting Criticism in the Ripple Community
  • Ripple XRP Recovers Slowly Against the USD But the Resistance at $0.2100 Holds Strong 

Ripple News Today – This morning, Whale Alert flagged a major transfer of 50,000,000 from Ripple’s funding wallet to an unknown wallet. This doesn’t come as a surprise since Ripple removes at least one billion XRP tokens from its escrow holdings every month. The tokens are not usually dumped into the open market as Ripple sells to cryptocurrency exchanges and institutional investors through OTC desks. Despite all their efforts to ensure that their actions don’t affect the price of the XRP token, the XRP community isn’t satisfied with their move.

Ripple News Today – Ripple Gets Slammed Again After Sending 50 Million XRP Tokens to an Unknown Wallet

This morning, Ripple took a lot of heat right after Whale Alert posted their recent transaction on Twitter. Part of the post was as follows “@whale_alert

50,000,000 #XRP (9,794,253 USD) transferred from Funding Wallet 1 to unknown wallet Tx: https://whale-alert.io/transaction/ripple/7BB7E60C6DB12D4DE276535B8AA85032571BDB8C62C5AAC9B097555E727E4755.” The transaction itself cost less than a penny. It’s not clear where the 50 million tokens went but we are sure that it came from one of Ripple’s funding wallets. The company didn’t give any explanation regarding the transfer but they usually make such major withdrawals when they are working on a new initiative. The funds they recover from the sales will be redirected to the said initiative.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
4
ripple
XRP(XRP)
$0.178
0.974%

All the projects Ripple sponsors are done through its development arm, Xpring. Since Xpring was developed, it has spent over $500 million investing in about 20 blockchain-related startups. These aren’t just startups in the Ripple ecosystem. They are startups that will benefit the entire cryptocurrency industry. Despite what the Ripple community has said, Ripple insists that selling XRP tokens is a necessity for the ecosystem. On several occasions, they have said that they aren’t manipulating the price of the token irrespective of what the community might say.

Ripple XRP Price Prediction – XRP Price Analysis

In other news, the price of XRP runs the risk of falling lower against the USD. While the token has held the line above $0.2000, there is a strong chance that it will reach lower lows next week. At the time of writing, the price of XRP was $0.201227. It is up by 1.10% against the USD and down by 0.03% against the price of Bitcoin BTC. The trading volume over a 24 hour period is $1,335,025,560 and the market capitalization is $8,876,685,685. Hopefully, the next few hours of trading will determine if the bulls will reign.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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