Ripple Labs, the company behind XRP and owner of some 50 billion ripples, has moved 1.5 billion XRP, worth about $400 million or nearly 5% of the total market cap.
Half a billion XRP ($132 million) was moved on the 30th of August. Destination unclear, but it looks like the address was activated by BitGo. So perhaps some “institutional” giveaway, Over the Counter (OTC) sale, or maybe just “parking” it with BitGo which provides crypto custody solutions.
1 billion XRP ($250 million) was taken out from escrow today with a strange memo of “Wol ha.” What this refers to is not very clear, but apparently there’s a South Korean horror movie titled: “Wol-Ha: Very Bad Moon Rising.”
There’s a revolt brewing in XRP as the currency halved in price since June and is down some 93% from the peak in December 2017, down by $3.40 to now just $0.25.
In particular, a prominent Ripple trader has threatened to fork off XRP, giving a 60 days “ultimatum” to stop the selling or “we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it,” he said. Six hours later:
He has retweeted two articles since, with no further comment on what sort of threats he is receiving or by who.
50 billion XRP, however, is worth billions of dollars. It would have been worth $200 billion at the peak, nearly as much as the entire crypto market cap at current prices. Now it is still worth $12.5 billion, about as much as XRP’s entire current market cap.
Who this Bitlord is, we do not know, but it looks like Ripple has no intention of stopping the selling, with about $8 million worth moved to their OTC account this August 30th.
They have sold an estimated $2.5 billion worth since December 2017 when they started the selling. Price has only been down since.
What exactly they’re doing with this huge amount of money is not clear, but they themself have stated they pay banks or companies in “rebates” to use their “products” and they even pay them “marketing incentives.”
Some of it goes towards flashy chandeliers, office ceilings higher than churches, and of course in San Francisco because they’ve made it.
Some of the rest ($250 million) goes towards their buddies for coming up with very innovative projects in creating a website where you can post with an Alexa like chrome extension aiming to take away journalistic independence by putting subscribers under this centralized project.
Presumably then some goes towards their 400 employees with David Schwartz, the current CTO of Ripple, seemingly not paid enough so he sold 3 million XRP in April.
For years they held off dumping since 2013, making XRP a sort of deflationary currency as a bit is burned when transacting. Now however they’re flooding the market with this 50 billion XRP, released monthly by one billion. Relentlessly so selling between a quarter of a million to half a billion dollars every three months.
So some investors have raised the prospect of just forking off Ripple’s XRP, but apparently that comes with Wol-Ha, if it can technically be done at all.