Ripple’s native token, XRP is experiencing a drastic decline in its trading value since July this year. At the press time, the token is trading at just $0.26 against the USD and experiencing a decline of 0.87 percent over the past 24 hours.
A Twitter account, Whale Alert, which often shares whale movement in crypto market states that about 17,908,786 XRP which currently worth 4,870,627 USD caught transferred from Ripple to an unknown wallet. The transaction deemed successful on Ripple Blockchain at 17:19:11 UTC on Mon, 26 Aug 2019. Furthermore, it was transferred from Ripple wallet address rBg2FuZT91C52Nny68houguJ4vt5x1o91m to an unknown wallet rNuKBtmumyNpwRUAGD71zwShDvfLorhLHb.
17,908,786 #XRP (4,870,627 USD) transferred from Ripple to unknown wallet
— Whale Alert (@whale_alert) August 26, 2019
While Whales continued moving the massive funds of XRP tokens, the daily value of XRP continued declining over the graph of coinmarketcap. On a note of daily plunging trading volume of Ripple’s native token, XRP, its holders are voicing against the Ripple. They argues that company’s steadily increasing sale of XRP over the past few years is a negative sign for XRP’s value. So far, over 2300 XRP users have signed the petition, urging Ripple to stop dumping XRP, of course, whether or not petition works is a matter of time. However, this indicates a quick concern of XRP investors who believes that the Ripple’s dumping billions of XRP have resulted in the major drop of XRP price. The petition stated that;
“The only logical explanation is that Ripple is dumping on us. And not small amounts either. Literally billions. We have seen the reports of them disclosing this so it’s a fact,”
Moreover, to justify the above view, they stated that;
“If they stop selling, its more likely the strong demand for this quality coin will naturally pump the price back to ATH and beyond!”
On August 24, Whale Alert notes that almost 84,775,570 XRP worth about 133,366,660 USD were caught transferred between two unknown wallets. Conclusively, this XRP Whales movement remained significantly active in the crypto market. Also, there might be no end to such massive whale transfers anytime soon.