One Billion XRP Tokens moved out from Ripple’s XRP wallet!
Will XRP take a hit with a drop in its price because the Ripple company will sell tokens in mass again?
One billion XRP tokens is roughly $256 million!
It’s a Twitter account that tracks big tokens movements on the blockchain, Whale Alert, which signals the movement of one billion XRP token from Ripple’s XRP escrow wallet.
? ? ? ? ? ? ? ? ? ? 1,000,000,000 #XRP (256,266,369 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) October 1, 2019
When Ripple needs money, it sells Ripple XRP tokens on the crypto market.
This has the effect of dropping the price of the XRP token.
All this year, the XRP token is the one that has the worst performance compared to other big crypto tokens like Ethereum ETH, Litecoin LTC, EOS, BNB, etc …
The worst crypto currency of the top 10 coinmarkecap.
In fact, it’s the only crypto-currency in the top 10 to show losses for 2019 so far.
Even though XRP Ripple remains the 3rd most important cryptocurrency behind Bitcoin BTC and Ethereum ETH.
Why?
Well, because Ripple sells XRP tokens in big numbers when it needs money and puts down the price of the XRP token.
Accused of organizing the XRP token dump, Ripple CEO Brad Garlinghouse says “Ripple can not control the price of XRP.”
This is what he said in an interview with CNN under the pressure of investors in the XRP token who see that the price of the XRP token has remained at the lowest compared to 2017 prices while BTC, ETH, LTC have doubled or more in terms of price since the end of 2018!
Every week, Ripple unlocked tokens from its XRP wallet to sell them.
The large sums affect the crypto market and the XRP price which relapsed each time.
The Ripple company needs money with huge operating costs, given what has become this leading company in the crypto market.
Ripple XRP recently bought a startup in Europe, all these fees and acquisitions are expensive and Ripple needs to sell tokens on the market to cover these expenses in millions of dollars!
Unlocking one billion XRP tokens certainly indicates that Ripple needs money again.
It is stille unsure if it is actually the sale of XRP tokens by the company Ripple that has influenced in this way the XRP price.
In a crypto market that is still in a bear market, trading volumes have fallen significantly and the smaller mass sale of tokens is therefore lowering the price of tokens.
Ripple fears a decision of the SEC (Securities and Exchange Commission) that could requalify the XRP token as a security, everyone expecting a clarification from the SEC that is not coming.
Investors in the XRP token will soon know if this movement of XRP tokens from Ripple’s escrow wallet will again have an impact on the XRP price that is today, October 2, 2019, at $0.25.
