Home / Ripple News / 500 Million XRP was Transferred by Ripple from Escrow Wallet

500 Million XRP was Transferred by Ripple from Escrow Wallet

Ripple is doing really in the cryptocurrency market and Ripple has made the transfer of the 500 million XRP token through the Ripple Escrow Wallet to a Fintech company. Recently the cryptocurrency Ripple has been involved in the whale movements in the market and also made an enormous amount of XRP transfer.

The information was given by on Twitter on this crypto whale movements and update the virtual currency community with recent different moves of the crypto whale in the market. The recent tweet of the crypto whale stated that the Ripple Escrow Wallet has transferred around $130,130,714 to Ripple.

If we observe the impact of this move of the value of XRP then we can see it has a negative influence on the value of XRP in the previous months. Also, in the previous few weeks, we can notice that the millions of XRP coins have been transferred from and transferred to Ripple.

On 30th August, Whale also gave information about the movement of XRP coins of the same amount as $132,446,488 has been transferred to Ripple to an unidentified wallet. On the other hand, on 1st September, there is a much bigger transaction to Ripple of around 1 billion XRP coin through the Ripple Escrow wallet.

Ripple Labs signaled about this two years earlier in 2017, that it will make transaction around 1 billion XRP per month. This process will go on for the overall 55 months and will possibly complete in mid of 2021. This means there is still a lot of XRP tokens to be transferred through Ripple Escrow wallet yet.

On the other hand, the crypto community is not so supportive for the Ripple firm on this situation and there are several talks from the members. The fintech firm is saying what they are doing is a regular process and it will happen in every quarter. But after some of the enormous transactions, the investors of XRP are turning against Ripple itself. They have formed a petition to show their protest against Ripple itself.

The name of the petition is “Stop Ripple dumping” and it is started by a Twitter user named “@CryptoBitlord”. The petition has been signed by 3,063 and the target is of 10,000.

The price of the Ripple is decreasing in the past few months and now Ripple has to take this problem seriously of signing the petition by the investor. If they failed in doing so they would lose their investors. Although Ripple has alliances with a lot of banks and financial institutions and it is one of the modern technology firms in the crypto community.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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