Ripple Transfers 250M XRP as Price Drops Below 050

Ripple Moves $122.5 Million Worth of XRP to Unlabeled Address as Price Languishes Below $0.50
According to on-chain data from Whale Alert, Ripple has transferred a significant amount of XRP to an unspecified address while the cryptocurrency’s price hovers below the $0.50 mark.
The transaction, which took place yesterday, involved a blockchain address linked to Ripple moving 250 million XRP ($122.5 million) to a wallet whose identity remains undisclosed.
Details Regarding the Wallets
Despite Whale Alert’s characterization of the recipient wallet as unknown, data from Bithomp indicates that Ripple activated it on October 2, 2023. Prior to the recent transaction, the recipient address has been active, engaging in a series of transactions.
In the current month alone, the recipient address has transferred a total of 219.66 million XRP to various wallets. Shortly after receiving 250 million XRP from Ripple, the address also sent out 50,000 XRP. Conversely, the same wallet has received 400 million XRP from Ripple this month, in addition to the recently recorded 250 million inflow. At the time of reporting, the address holds a total balance of 270.95 million XRP.
Meanwhile, the sending wallet now retains a balance of 275.99 XRP following the outflow of 250 million XRP.
David Schwartz Addresses Concerns About Ripple XRP Sales
Notably, a transaction of this magnitude typically sparks concerns that Ripple may be planning to sell some of its XRP holdings, potentially adding further downward pressure on the coin’s price.
Investors have accused the company of negatively impacting XRP’s price through its ongoing sales. For the uninitiated, Ripple releases 1 billion XRP from escrow every month, with the company re-locking 800 million and using the remaining 200 million for its operational expenses.
As a result, several investors have attributed XRP’s underperformance to Ripple’s continuous sales and substantial holdings. For instance, Dev Null Productions exited the XRP Ledger ecosystem in March, citing Ripple’s persistent XRP sales as the reason for their departure.
Responding to these allegations, Ripple CTO David Schwartz contends that it is nearly impossible for the company to refrain from selling XRP. He asserts that Ripple has limited options to reduce its substantial XRP holdings, emphasizing that sales are the primary approach for achieving this.
Presently, XRP is trading at $0.4894, representing a 1.03% decline over the past day and an 8.33% loss in the monthly charts. Similar to many other assets, XRP has not been immune to the recent market downturn, plummeting from a 30-day high of $0.5423 to a monthly low of $0.4636.
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