Traders Worried: Ripple Shifts More Than 120M XRP to Bitstamp

Crypto News – On-chain data reveals Ripple has continuously transferred millions of XRP to a central address from the crypto exchange Bitstamp, totaling over 120 million this month.

Traders Worried: Ripple Shifts More Than 120M XRP to Bitstamp

This pattern of sustained inflow to Bitstamp has raised concerns about a systemic selloff orchestrated by the San Francisco-based technology company. Moreover, these movements have come up when XRP remains stuck in bearish conditions.

A short time after Ripple released $1 billion from escrow for October, the movements for this month started. On October 1, the company sent 1 billion tokens, and distributed 100 million, 400 million, and 500 million XRP to one of its wallets. All the tokens were returned to escrow by the wallet that had received the 100 million and 400 million tokens.

The second address, on the other hand, shifted 300 million tokens to escrow and kept 200 million tokens while receiving 500 million XRP. On October 1st, it delivered the additional 200 million XRP to a different Ripple address. Up until Oct. 9, when it transferred 60 million XRP to another wallet owned by Ripple, the recipient of the 200 million XRP held onto the tokens. After several transfers, the tokens arrived at a single address, which Ripple then used to transfer the majority of the assets to Bitstamp.

Ripple Has Done This Before

Since October 2, 120.84 million XRP ($58.3 million) have been sent to the Bitstamp address through these payments. Notably, amid rumors of a pending dump, there is still a mood of dread among market participants. Though not particularly recent, these movements nonetheless exist. Ripple has carried on moving tokens in a similar way for the previous few years. In these tokens, the majority of the XRP is escrow-released. Nevertheless, the corporation disposes of them in a manner that little affects the market.

The monthly XRP tokens that are released are not all sold by Ripple. A monthly token influx of 1 billion would have occurred as a result of this action. The company instead keeps 800 million each month in a lockback. Ripple allegedly uses this to promote the price of XRP, according to attorney Bill Morgan.