According to data provided by Whale Alerts, the website that tracks massive transactions across a multitude of Blockchains, Ripple has recently moved more than $132 mln worth of XRP to an unknown wallet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 522,552,373 #XRP (132,446,488 USD) transferred from Ripple to unknown wallet
— Whale Alert (@whale_alert) August 30, 2019
The gargantuan transfer gave a breeding ground to speculations that the San Francisco-based cryptocurrency juggernaut went on another selling spree. This could inflict more pressure on Ripple’s XRP, which is currently trading at $0.255 on the heels of another crypto market downturn.
Bloomberg recently pointed out that the token turned out to be one of the worst-performing cryptocurrencies in 2019 despite Bitcoin rallying by more than 200 percent. Furthermore, Multicoin Capital co-founder Kyle Samani pointed out that Ripple’s increasing XRP sales could be directly related to this disastrous price action.
Ripple CEO Brad Garlinghouse recently commented on his accusations, claiming that these sales are needed in order to expand the utility of XRP, but the crypto community doesn’t seem to buy it.