Ripple News Today – As you probably already know, Ripple, the company behind XRP, controls more than 60% or the total XRP in circulation. Over the years, this has led to centralization concerns from the members of the XRP army and other members of the cryptocurrency community. There are many people who have refused to invest in XRP because they don’t believe that the company behind a decentralized token should have so much control.
To ease the worry of investors, Ripple has promised never to sell-off all its XRP holdings at any one time. It has also kept the tokens in escrow accounts liquidating them in batches only when necessary, or so it claims. Today, Ripple allegedly moved one billion XRP tokens from its secret escrow account. Around the same time, the price of the XRP token took a dip. What is the Silicon Valley Fintech company up to?
Ripple News Today – XRP News Today – Ripple Latest Update – Ripple Moves One Billion From Secret Account
Anytime Ripple moves XRP tokens around, members of the XRP army react and the price or the XRP token often takes a hit. As one billion XRP tokens were moved from an escrow account controlled by Ripple this morning, some XRP community members rushed to defend the founders of Ripple as others complained about the transaction. The backlash for this particular transaction was more intense than usual because of the recent incident reported by Coin Metrics.
The cryptocurrency analytic firm, recently released a statement stating that Ripple has been under reporting the movement of XRP they made over time. The firm claimed that the company was guilty of hiding the transfer of more than 200 million tokens which is equivalent to $84 million at current rates. The report also revealed that Ripple escrow queue is different from what the company publishes publicly. So, the rate at which XRP is moved as reported by the company is far lower than the actual rate.
According to today’s report, other accounts that are connected to Ripple but not directly controlled by its founders moved more than 55 million XRP from unknown accounts. So, community members are wondering what Ripple is up to and if the company is going back on its promise of absolute transparency. Some claim that the third party accounts have no ties with Ripple’s founders and are only profiting from the company and the users. Others have said that the company is probably liquidating funds for projects that will boost the Ripple ecosystem. So far, Ripple hasn’t responded to these questions.
Ripple News Today – XRP News Today – Current Price Of XRP
Whether Ripple is responsible for moving the funds or not, the price of XRP has reacted negatively to the transfer. This morning, XRP was recording minor gains but it quickly started trading in red as soon as the tokens were moved. At the time of writing, XRP $0.400270. This means that it is down by 2.30% against the USD and up by 4.64% against the price of BTC. The trading volume over a 24 hour period is $1,756,061,868 and the market capitalization is $17,038,136,544. To be fair, the entire market is currently taking a hit as Bitcoin tests crucial support.
What do you think about the XRP news today? Is Ripple up to know good? Share your thoughts in the comment section below.