Ripple has once again come under scrutiny for transferring a significant amount of XRP tokens to an unknown wallet. This move has reignited concerns about potential price manipulation and the company’s influence on XRP’s market performance.
According to on-chain data, Ripple transferred a total of 240 million XRP in two separate transactions on March 5 and March 13. The first transfer involved 100 million XRP, while the second saw 140 million XRP sent to the same mysterious address.
These transactions have fueled speculation within the XRP community, with some suggesting that Ripple’s sales may have contributed to the recent price correction. Notably, XRP’s price reached a high of $0.74 on March 11 before experiencing a sharp decline.
While the timing of the first transaction coincided with a price drop from $0.65 to $0.55 on March 5, the direct impact of Ripple’s actions on the market remains a subject of debate.
Proponents of XRP have long criticized Ripple’s token sales, arguing that they suppress the cryptocurrency’s price. However, others have dismissed such claims, citing reports that suggest Ripple’s sales have minimal impact on exchange prices.
If Ripple is not responsible for XRP’s underwhelming performance, questions arise about the underlying factors driving its stagnation. Despite its strong fundamentals and technical analysis, XRP is one of the few top cryptocurrencies with a negative year-to-date gain, further fueling discussions about potential market manipulation.
As the cryptocurrency community continues to analyze XRP’s price movements, the debate surrounding Ripple’s influence on the token’s trajectory remains a contentious issue, with many eagerly awaiting further clarity and insights.
