Ripple Transfers 30 Million XRP to OTC Wallet Following Recent 16% Price Rise
Ripple has released another bunch of XRP into the market just hours after the crypto’s market value had gone up by more than 16%. According to Beincrypto, Ripple released about 30 million XRP worth about $8.5 million into its OTC distribution wallet.
In the recent past, Ripple has come under sharp criticism as its XRP crypto has not followed the pattern set by other cryptos in the market.
XRP holders and investors have accused Ripple of centralization and price control but the company has emphasized that the accusations are not true. However, going by the company’s actions in the last couple of months, it is evident that its actions outdo its defence.
The value of XRP started surging unexpectedly with no precise explanation for the increase. However, this was the trend with majority of the cryptos apart from Bitcoin and XRP recorded the best performance among the top ten major coins per the market cap. In the last 24 hours, XRP’s price surged by more than 19% trading above $0.30 mark. However, the excitement was short lived as Ripple released a fresh batch of XRP into the market slowing the upward price move.
According to Beincrypto, the move is a clear evidence of price manipulation and is what the XRP investors have been fighting for in the last couple of months. Currently, XRP’s market cap stands at $13.6 billion while its daily volume has surged to $2.43 billion over the last 24 hours.
The move could be a signal that Ripple has bagged a large scale buyer who is interested in buying a huge amount of XRP following the price surge. However, since Ripple is the biggest XRP holder, the move can be termed as a whale’s activity in efforts to manipulate the price.
Recently a petition challenging Ripple to stop dumping XRP was published in change.org with investors accusing the company of dumping billions of XRP to control the prices.
While XRP continues to grow, investors can only hope that the rally will continue for long and hope that Ripple will not dump more XRPs. Do you think Ripple is manipulating XRP’s price through dumping? Keep the conversation going in our social media platforms.