Over the past month or so, the Ripple (XRP) community has been in the news due to the way in which Ripple, the largest holder of XRP, has dumped the token in copious amounts. It has been alleged that the company’s actions have resulted in the poor performance from XRP during the crypto rally during the first half of the year.

Key Details

While the company did explain that it was not a ‘dump,’ a new development has emerged that could send the community over the edge once again. According to reports, the San Francisco-based startup has apparently moved XRP worth as much as $15.3 million into a digital wallet.

Although the purpose of the move has not been revealed yet, it could well be a case of the company dumping even more of the XRP token. Moreover, if it is indeed established that Ripple dumped $15.3 million worth of XRP tokens, then it is surely going to create another storm in the community.

Last month, an influential user from the XRP community on Twitter suggested a fork as a solution to Ripple’s actions, and there were fears that things could soon get out of hand. However, nothing ever came to pass.

Most reports claim that the address of the most recent digital wallet transfer suggests that the company actually sold as many as 60,000,000 tokens as part of that transaction and it was first revealed by the Twitter account ‘Whale Alert.’ The account is involved in tweeting about big crypto movements across the entire space and has been found to be an extremely reliable source of information.

>> Swiss Digital Exchange to Launch Initial Digital Offering Next Year

The continuing strife between the company and the community had eventually forced the Chief Executive Officer Brad Garlinghouse to address the concerns. He stated that the sales are not meant for profits but to expand the crypto ecosystem. That being said, it needs to be mentioned that the latest action from Ripple could prove to be another big controversy in the community.

Featured image: DepositPhotos © rastudio

If You Liked This Article Click To Share