XRP’s price decreased by about 4% on Friday following a report that Ripple moved 200 million XRP tokens to an unknown wallet. Despite the FUD, the company seems to be striking new partnerships as it prepares for its stablecoin launch.
XRP suffers pullback after Ripple’s large sell-off
XRP is trending on Friday following a key move from Ripple Labs. Here are the latest news surrounding Ripple today:
Ripple allegedly moved 200 million XRP tokens, according to a report from Finbold. The company made the transfer to an unknown wallet, stirring suspicion among the crypto community.
“On June 1, the company released 1 billion XRP from the initial distribution locked in monthly escrows until 2027. Ripple then sent 200 million XRP to its treasury account and locked the remaining 800 million in new escrows. Additionally, the ‘Ripple (35) ‘account sent an extra 200 million tokens to the sell-off reserves, totaling 400 million XRP,” reported Finbold.
The move drew the attention of some community members, who speculated that the company was planning to abandon its native token. The speculations spring from Ripple CTO David Schwartz’s reminiscence of a post he made 15 years ago:
“When a scrappy financial startup takes on a web of corruption and betrayal to bring instant payments to the masses, they learn that the cost of disrupting the status quo is higher than they could ever have imagined, forcing them to decide between their vision and their survival.”
“On June 1, the company released 1 billion XRP from the initial distribution locked in monthly escrows until 2027. Ripple then sent 200 million XRP to its treasury account and locked the remaining 800 million in new escrows. Additionally, the ‘Ripple (35) ‘account sent an extra 200 million tokens to the sell-off reserves, totaling 400 million XRP,” reported Finbold.
The move drew the attention of some community members, who speculated that the company was planning to abandon its native token. The speculations spring from Ripple CTO David Schwartz’s reminiscence of a post he made 15 years ago:
“When a scrappy financial startup takes on a web of corruption and betrayal to bring instant payments to the masses, they learn that the cost of disrupting the status quo is higher than they could ever have imagined, forcing them to decide between their vision and their survival.”
Meanwhile, Ripple has announced several partnerships ahead of its stablecoin launch. The company announced a partnership with Zoniqx, a digital asset management platform, to deliver tokenization services to XRP Ledger. Ripple also announced a recent partnership with Clear Junction to enhance GBP and EUR cross-border payments for its customers.