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Is Ripple Selling? Investors Panic as Ripple Moves Several Millions of XRP

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By Augustine Mbam - - 5 Mins Read

With the current uncertainty in the crypto market, it has been reported that more than 160.6 million XRP has been moved by Ripple's ODL corridor Bitso in one single transaction. It is alleged that many other transactions took place, which involved millions of XRP being sent to another wallet in batches. 

The report was made by a popular Twitter cryptocurrency tracker called Whale Alert. It claimed Ripples transferred about $19 million of their coin to a wallet currently termed "unknown." Ripple coin price is currently at $0.38 as of the time of writing, and there's panic in the market over the future of the cryptocurrency. 


Many events have happened in the crypto industry in 2022, and the most prominent ones are the fall of exchanges and cryptocurrencies. This year, cryptocurrencies such as TerraUSD got a terrible reputation, including crypto exchanges such as FTX. So the current panic about the Ripple coin price is because of the large transfer of the cryptocurrency to an unknown wallet. 

Investors are concerned with such an event by the company, as this might be an early indication of an internal crisis. While Ripple has not made any comments concerning the current situation, many users believe that something fishy might be happening within the company. About 4.1 billion XRP from the Bittrex exchange to anonymous wallets. One of the wallets used in the transaction is the RL18-VN which Ripple usually uses to sell their cryptocurrencies. 

Currently, XRP price prediction is negative as there's fear among investors and those trying to invest in XRP. XRP price prediction shows that the cryptocurrency might go down in value due to the negative impact of the transactions. Ripple, on their side, is yet to address the occurrence with a statement. 

The Funds Were Sent To Different Locations 

Image by Miloslav Hamřík from Pixabay

According to reports, the XRP tokens sent out yesterday were to several locations, including the US and Latin America. Millions of the XRP tokens were sent to the Latin American exchange Bitso, based in Mexico and the only major exchange in that region. Others were traced to the United States. 

According to the XRP wallet tracker Bithom, millions of the XRP tokens were traced to a whale account within the U.S.-based Bittrex exchange. Some of the XRP tokens traced to the wallet were transferred in batches of 300, 150, and 200 million. The owner of this wallet is not yet known, and XRP is yet to reveal the intent behind the several transfers. 

Users and investors have reacted with fear and doubt to the news saying that the incident might be a major dip for XRP. Others are waiting for confirmation from the official social media channel of XRP before taking action.

One of the users on Twitter said, "Here's my thought man. Torres is going to make her ruling perhaps after Christmas. Part of me thinks she's going to rule in favor of the SEC further proving the corruption. Garlinghouse takes Ripple out of America ...prolly sees a major dip in XRP."