Fintech startup Ripple has transferred 500 million XRP tokens, valued at almost $130 million, from its escrow wallet to the firm.
The San Francisco-based firm has moved 500 million of its native XRP tokens (around $130.1 million at press time) from its escrow wallet to Ripple. The latest token transfer is one among many other enormous transactions to and from Ripple, which have generated resentment within the community as some of its members accuse the company of dumping XRP tokens and crashing its price.
Indignation within the community
In late August, Twitter user @CryptoBitlord started a change.org petition entitled “Stop Ripple dumping,” which has since secured 3,063 signatures out of necessary 10,000. “The only logical explanation is that Ripple are dumping on us. And not small amounts either. Literally billions,” wrote the author of the petition.
XRP’s price has been steadily declining over the past few months, although Ripple’s 2019 quarterly reports revealed an increase in XRP sales. In Q2, the company sold $251.51 million worth of XRP, which marked an approximately 48% growth quarter-to-quarter, while in Q3 the company sold $163.33 million worth of XRP.
Price drop despite new partnerships
Referring to XRP, CryptoBitlord also noted in the petition that “a new bank or partnership announced but still, it manages to keep on dumping.” In August alone, PNC — the United States’ eighth-largest bank, with almost $400 billion in assets — became the country’s first to start using the RippleNet blockchain network for cross-border payments.
Money transfer service Xendpay also joined Ripple’s global network RippleNet to support international transactions. South Korean holding company SK C&C unveiled plans for a donation platform that is based on a Ripple blockchain fork.