Ripple News Today – is the Chinese Government Selling its XRP Tokens? Speculations as 32 Million XRP Tokens Change Hands – September 3rd, 2020

Ripple XRP Price Prediction
  • 32 Million XRP Tokens Moved From PlusToken as Speculations About the Chinese Government Dumping XRP Spreads
  • XRP Continues to Fall in Price Relying Heavily on Bitcoin BTC to Move Forward 

Ripple News Today – Whenever there is a major XRP transfer recorded on the XRP Ledger, Ripple, the parent company of XRP, is usually the primary suspect. This is because the company has a significant amount of XRP in their possession and they sell these tokens from time to time. This time, 32 million XRP was moved from PlusToken’s XRP holdings and Ripple might not be the culprit this time. This major sale of XRP token can mean one of two things; the Chinese authorities are clearing out the XRP holdings, or PlusToken, one of the most elaborate cryptocurrency scams of the decade, is going with its operations.

Ripple News Today – PlusToken Might not be Stopping Anytime Soon

PlusToken is a cryptocurrency Ponzi scheme that has grown in popularity over time. After they were exposed as scammers, they went dark for a while. The renewed activity shows that they may be back in business. The 32 million XRP tokens are equivalent to $8.75 million and it was transferred from HBTC. During their time, PlusToken got away with millions of XRP tokens without ever paying back even if they were discovered.

The news about renewed activity from the Ponzi scheme is surprising since regulatory authorities in China claimed, just last week, that they had put an end to PlusToken completely. At the time, CNF announced that the main executives of PlusToken were arrested. These executives are to be charged with fraud as they duped people out of over 5.6 billion in cryptocurrencies. They didn’t just take XRP, they also took Bitcoin, EOS, and Ethereum ETH. After they were arrested, it was revealed that they stole over 300 million XRP tokens. About 80 million out of these tokens were kept in 16 XRP wallets. One of the leading members of the cryptocurrency community had this to say;

“The remaining 88 million XRP are left in only 16 accounts, as 32 million has been sent to HBTC in the past two weeks. Still, no confirmation from official sources, whether the “law enforcement agency is selling the funds involved”.

 

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.245
1.54%

PlusToken may intend to mix the ill-gotten funds with legitimate funds to make things more difficult. It’s also possible that they are cutting a deal with the authorities to sell the tokens and use the proceeds for public projects. For now, it’s all just speculation and it’s not helping the price of the token which is already falling. At the time of writing, XRP was trading at $0.259641. It is down by 4.62% against the USD and up by 0.84% against Bitcoin BTC. The trading volume over a 24 hour period was $1,607,447,810 and the market capitalization was $11,686,753,097.

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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