According to an update from crypto whale tracking account Whale Alert on January 3, two huge transactions stemming from Ripple's escrow wallet moved a total of 1,000,000,000 XRP tokens – worth more than 230 million. USD.
,000,000 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (115,933,402 USD) unlocked from escrow at Ripple Escrow wallet
– Whale Alert (@whale_alert) March 1, 2020
,000,000 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (115,933,402 USD) unlocked from escrow at Ripple Escrow wallet
– Whale Alert (@whale_alert) March 1, 2020
The move is the latest in a series of planned releases, which Ripple has planned to release every month for 55 consecutive months.
Its purpose is to provide incentives to market makers, anyway Ripple still controls newly issued tokens.
Following the release, Ripple CEO Brad Garlinghouse reiterated that the company's directors did not affect the supply of XRP. He added that the company will take the necessary steps to ensure that other entities don't buy too much XRP to manipulate prices.
A month ago, Garlinghouse suggested that there was a possibility of an initial public offering (IPO) in the future, but experts warned against this action, saying it could kill the speculative nature of the market. token.
The chaos in locking down XRP and the periodic release creates fierce controversy in the XRP community, which has proposed Ripple to lock 55 billion XRP. While locking down XRP has alleviated investor outrage, the periodic release of tokens has had the opposite effect, leaving cryptocurrencies in a state of falling prices.
Over the past 24 hours, the price of XRP has dropped from $ 0.2430 to the current price of $ 0.2342. XRP has been rising well against the dollar since the beginning of the year, with annual performance (YTD) rising more than 20%, according to CoinMarketCap data.
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