Ripple appears to be moving large amounts of XRP again—this time moving a total of 522 million XRP to an unknown address. The recent movement was tracked by Whale Alert, a platform that monitors and identifies large on-chain transactions across a variety of blockchains.
Speculators believe that the XRP was sent to an unknown exchange wallet as part of an over-the-counter XRP sale.
Ripple’s blockchain is arguably much more centralized than most other major cryptocurrencies, as evidenced by the fact that the Ripple company holds more than 50% of the total supply.
According to recent reports, Ripple sold more than $250 million worth of XRP in Q2 2019, up more than 50% from the previous quarter. With a market capitalization of close to $11 billion and more than $400 million in XRP sold so far in 2019, investors are understandably concerned that Ripple’s actions could be contributing to the significant decline seen by XRP in 2019.
Technically, this is just a fraction of the maximum amount Ripple is able to sell. In total, the company is theoretically allowed to sell 1 billion XRP per month, meaning things could get much, much worse.
This recent activity has prompted XRP bagholders to petition Ripple to stop selling its coins, under the assumption that this “dumping” is crashing the market price. So far, the petition has received over 2,700 signatures.
Since 2019 began, XRP has fallen more than 22 percent against the dollar and has lost significant ground against BTC in this time. As it stands, XRP now sits at its lowest value against BTC since December 2017.