By Richard Hines
The financial technology company Ripple Labs has lately been the subject of speculation about the company’s sale. Since the last 15 hours, the company has transferred about 160.6 million XRP to a strange wallet address.
The tokens were sent to RL18-VN, which is one of the company’s numerous wallet addresses. Exchanges like Bittrex and Bitso, coupled with a certain unknown cryptocurrency, have been linked to making some of the transfers.
What Is Ripple Labs Up To?
Recently, the financial technology company has been in the news more frequently, a development that is understandable considering its legal tussle with the U.S. Securities and Exchange Commission (SEC), which is finally ending considering that both parties are currently waiting for the court’s ruling.
Seeing that the reason for the company being in the news recently has been quite consistent, it came somewhat as a surprise to see a new development surface.
According to the famous crypto data firm, Whale Alert, Ripples have transferred large amounts of XRP to the tune of $160.6 million over a span of 15 hours. This happened almost immediately after the initial transfer of 4.1 billion XRP that was earlier reported.
The Whale Alert took to its Twitter page late yesterday, December 7th, to announce that Ripple Labs had transferred 50,000,000 XRP, which has rightly generated a lot of reactions from the crypto community.
The famous Bittrex exchange is said to be involved in the transfer as loads of XRPs were sent in large quantities to wallets that are unidentifiable. Also, the Bitso exchange as well as a certain unidentifiable crypto trader were responsible for the rest of the move.
Ripple Labs Saving For A Rainy Day
Since the news of the transfers has erupted, a number of members of the crypto community have gone on to make speculations that they seem to think fit the Ripples narrative.
A considerable number of people seem to think that the company may be losing its legal tussle with the SEC and is hastily making moves to soft-land itself before then.
According to others, it is highly likely that the company will eventually sell itself in the long run, considering the magnitude of the transfers made.