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500 Million XRP Transfer From Escrow Wallet

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500 Million XRP Transfer From Escrow Wallet
500 Million XRP Transfer From Escrow Wallet

Fintech startup Ripple transferred 500 million XRP tokens from its escrow wallet on Sept. 3, according to data from Whale Alert, a live tracker for cryptocurrency transactions. 

The San Francisco-based company moved funds worth about $130.1 million. This 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 it of dumping XRP and crashing the token’s price.

In late August, Twitter user @CryptoBitlord started a Change.org petition entitled “Stop Ripple dumping,” which has since secured 3,063 signatures out of a target of 10,000. “The only logical explanation is that Ripple are dumping on us. And not small amounts either. Literally billions,” the author of the petition wrote. XRP’s price has been steadily declining over the past few months, although recent financial reports from Ripple have revealed an increase in XRP sales. In the second quarter of 2019, the company sold $251.51 million worth of XRP, which marked an approximately 48% growth quarter on quarter.

Referring to XRP, CryptoBitlord also noted in the petition that a new bank or partnership has been 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.

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Coinme secures $1.5 from Ripple’s Xpring, XRP listing on 2,600 ATMs soon?

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Coinme secures $1.5 from Ripple’s Xpring

Coinme, the world’s largest Bitcoin ATM network, secured $1.5 million from Ripple’s Xpring fund. The investment could suggest that XRP will soon get listed on Coinme’s network of over 2,600 kiosks.

Coinme, through its partnership with Coinstar, hosts the world’s largest Bitcoin ATM network with over 2,600 kiosks across the United States. Today, the startup received a $1.5 million investment from Xpring, an executive from Coinme Stated. This is the fund’s first investment in the cryptocurrency ATM industry.

Xpring is Ripple’s initiative that invests in “proven entrepreneurs” who will “use XRP and the XRP Ledger.” More broadly, Xpring invests and partners with companies working in the domains of interoperability, decentralized finance, and crypto-based payments. A few of the companies the fund has already invested in includes DharmaSecuritize, and Coil.

The investment is part of a recently opened series A round from Coinme, with the Seattle-based firm looking to raise a total of $11.8 million.

“Coinme is paving the way for mainstream adoption of digital currencies—making it easy for everyone to access cryptocurrencies and use them for payments and cash-based remittances,” said Ethan Beard, a senior vice president at Ripple.

Currently, Coinme only offers Bitcoin at its ATMs. However, the investment from Ripple could indicate that the company is working to roll out XRP on its massive network of kiosks.

Coinme plans on using the additional capital to expand its network. The company is working to obtain additional licenses to operate in more locations in the United States while expanding to key international markets.

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XRP slides back to 25 cents, threatening further losses

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XRP slides back to 25 cents, threatening further losses

With XRP now just inches away from its 2019 low, it may struggle to hold its ranking against other cryptocurrencies.

XRP has once again fallen back into the 25 cent range, currently sitting at a value of $0.254 after losing close to 2.5% in the last 24 hours. This value is just $0.002 higher than its 2019 low of $0.252, seen at the end of August.

XRP is now down more than 15% in the last month, making the cryptocurrency one of the poorest performers as of late. Though XRP still sits as the third-largest cryptocurrency by market capitalization, its trade volume has now been eclipsed by its nearest rival—Bitcoin Cash (BCH), indicating a reorder might soon be on the cards.

Overall, XRP has been in an almost incessant downtrend since December 2018, losing more than 40% of its value to fall to its current price. Similarly, XRP has lost major ground to bitcoin (BTC) over the same time period, falling from 0.0001 BTC/XRP last December, down to just 0.000025 BTC/XRP today. That’s a 75% drop against Bitcoin.

Some speculate that XRP’s performance through 2019 could be owed to a number of dramatic sell-offs throughout the year. Notably, Ripple has been selling large batches of XRP to institutional and exchange clients to fund its various projects. It has also been sending huge chunks to Jed McCaleb for him to offload onto the market. On top of this, Ripple’s chief technologist David Schwartz allegedly sold off much of his personal XRP stash in Q2, this year.

Despite criticisms regarding XRP’s performance in 2019, Schwartz recently took to Twitter to comment on the situation, arguing that people should be focusing on the underlying tech, rather than the price.

 

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Ripple CEO Brad Garlinghouse to Be Keynote Speaker with SEC Chairman at Fintech Week 2019 Event

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Ripple CEO Brad Garlinghouse to Be Keynote Speaker with SEC Chairman at Fintech Week 2019 Event

Brad Garlinghouse to speak at the approaching fintech event along with Joshua Klayton, Joseph Lubin, CFTC chairman, and others

The Ripple chief executive Brad Garlinghouse who recently publicly responded the community’s complaints regarding regular ‘XRP dumping’, plans to be a keynote speaker at an event dubbed Fintech Week 2019. The event is to take place in late October.

Alongside the head of Ripple, the list of the speakers includes the chairmen of major US regulators – the SEC and the CFTC, the Ethereum co-founder, crypto billionaire Joseph Lubin, and reps of other regulatory agencies.

Garlinghouse and SEC’s Joshua Clayton are going to make their speeches on the same day.

List of speakers at Fintech Week 2019

Image by dcfintechweek

Recent controversial events provoked by Ripple

Over the past few weeks, the community has clearly expressed their reaction regarding regular XRP sales conducted by Ripple.

A Twitter users Crypto_Bitlord publicly expressed his indignation, tweeting that Ripple is dumping gargantuan amounts of XRP deliberately – to prevent the asset’s price from increasing.

The first step he took to try and stop it was to set up a petition on the change.org website, demanding that Ripple would stop the dumping. The second one was that he threatened to conduct an XRP fork to prevent further coin’s price fall.

However, later on, a petition with an opposite goal appeared on the same platform. A user who initiated it demanded that Ripple should continue dumping XRP in order to ‘unleash’ the utility of XRP.

The first petition has already received nearly 2,500 signatures.

Brad Garlinghouse responds

In a series of tweets, Mr Garlinghouse addressed several issues regarding FUD that is being spread around XRP and pointed out that the regular so-called ‘XRP dumps’ (1 bln XRP that is released from escrow each quarter and sold) chases the only goal – to increase the XRP utility.

The most recent example of an ‘XRP dump’ is the transfer of 100 mln XRP from Ripple to the wallet of the Stellar founder Jed McCaleb.

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