Is the Giant Company Selling Its Altcoins? The $15 Million Move Scared!

Ripple Labs Inc., one of the leading blockchain payment companies in the United States, recently managed to attract attention by moving millions of XRP tokens.

According to Whale's data, a wallet belonging to Ripple attracted attention by carrying 27,700,000 tokens worth $14,482,315. Although the identity of the sending wallet is labeled as "unclear" in the data, a quick search of blockchain explorers shows that it is directly linked to the company.

As Koinfinans.com reported, as can be seen from past data, Ripple Labs prefers Bitstamp as one of the top exchanges for liquidating its assets. While draining XRP remains a trend, time will tell if more purges of this type will take place.

It's not uncommon for Ripple to sell from custodial wallets, especially once a month. While it categorically did not label smaller exchange transactions for a specific purpose, there are speculations that the liquidations could be operational and partly for liquidity increases.

How did the XRP price react?

The transfer is one of many whale transactions recorded on the network over the past few weeks. While this transaction has been headed towards liquidations, others have significantly helped support the digital currency's supply to help stabilize its price.

The price is trading at $0.5238, down as much as 2% in the last 24 hours. Since the price is located in a critical area, large liquidations similar to the mentioned transfer can negatively affect investor sentiment.

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