- Some Nefarious Members of the XRP Community Are Making Plans to Sell 485 Million XRP Tokens
- If the Sale Goes Through, XRP Will Suffer Even More Bearish Pressure
Ripple News Today – Ripple XRP has been on the bearish path of the price trend for more than two years. Things may be getting worse for XRP as a group of XRP investors may be making plans to sell 485 million XRP tokens soon. According to on-chain data, this cryptocurrency scam ring has more than 45 million XRP in their possession and they may decide to dump these tokens into the open market anytime soon. The PonziToken Scheme became extremely popular in 2019 and it isn’t just known for holding XRP. They also got a lot of Bitcoin and Ethereum tokens.
Ripple News Today – PonziToken May Be at the Verge of Dumping 485 Million XRP Tokens
Over the last few days, on-chain metrics have shown that PonziToken has started moving its Bitcoin, Ethereum, and other crypto tokens around. This is what usually happens when holders are making plans to sell. If this happens, tokens will take a major hit against the USD. Bitcoin and Ethereum may not feel the effect as much as XRP since they have more XRP tokens. If all the XRP tokens are offloaded at the same time, the effect will be catastrophic.
XRP (XRP) Price Today – XRP / USD
Since PlusToken resurfaced, they have dumped over $500 million in different cryptocurrencies into the market already. They are most likely trying to take advantage of the improved trend in the market. By selling their tokens when the prices are higher against the USD, people prefer to sell so that they can get the most competitive USD equivalent. The head of DTC Capital posted a breakdown of the most recent transaction by PlusToken. According to him, 20 million XRP tokens have already been moved along with 22k BTC tokens, 26 million EOS tokens, and 789 ETH tokens. The Twitter post was as follows;
“This week the following PlusToken funds have been on the move to exchanges and new addresses for mixing: – 22k BTC ($203m USD) – 789k ETH ($183m) – 26m EOS ($68m) – 20m XRP ($4m). The big question: can the crypto markets absorb this volume or are we headed lower?”
At the time of writing the price of XRP was 0$0.181239 it is down by 1.09% against the USD and down by 1.23% against Bitcoin BTC. The trading volume over a 24 hour period is $1,066,478,611 and the market capitalization is $8,021,230,224. While PlusToken has over 485 million tokens in-store, they are most likely going to sell $4 million before the end of next week.