Ripple Pump and Dump? A 1 billion XRP transaction occurred
Altcoin

Ripple Pump and Dump? A 1 billion XRP transaction occurred

By Alfredo de Candia - 7 Feb 2019

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A few days ago there was a Ripple transaction that moved $302 million in XRP, probably as a result of a Pump and Dump attempt on XRP.

The transaction took place from several escrow accounts to an unknown recipient and the transaction memo read “Crawl… Walk… Run…”.

Ripple pump and dump

Cryptocurrencies like Ripple are not exempt from pump and dump transactions.

Last year 535 million dollars in XRP were sold by Ripple to several buyers including institutions and exchanges, however, this series of sales of XRP is suspicious and could be an attempt to pump the price of XRP and then dump.

All this is possible because Ripple owns 60% of the total XRPs in circulation and this is a valid reason to indicate that the whole project is centralised and, since the team has the power to manipulate the entire market, they can influence the trend of the crypto markets.

In fact, seeing this latest Ripple transaction, many from the crypto community suspect that there has been a corrective pump and dump manoeuvre on the market, thus manipulating the prices.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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