250 million XRP moved – community fears crypto price manipulation

250 million XRP worth $67 million was transferred from an unknown wallet yesterday. The price of Ripple’s XRP Price has slumped down by more than 12% as it currently trades at $0.2360. Many are speculating that Ripple might be behind the transfer, but the company’s OTC wallet was not involved in the transfer.

Whale Alert reported that 250 million XRP worth $67,045,053 was transferred from an unknown wallet to an anonymous wallet. Yesterday, the price of the cryptocurrency dropped by more than 12%. At the time of writing the coin is changing hands at $0.2360.

As of now, the reason behind such a huge transfer is unknown. The XRP holders are concerned about the possible price manipulations. Last week XRP had reached $0.30 after breaking many technical barriers.

Ripple is known for dumping huge amounts of XRP into the market, but in this transfer, the wallets did not involve Ripple’s known OTC wallet which they usually use to dump XRP into the market. Last week Ripple transferred 30 million XRP worth $8 million to its OTC wallet.

Some from the crypto community opined that the large move might not be a sell-off, but rather a distribution aimed at providing liquidity to concerned parties. If this is the case, then this should not cause any panic among the XRP holders.