Ripple has just unlocked another 100 XRP ($ 000 million) from its escrow wallet, which raised concerns about a possible sale.
Ripple XRP holders may soon face a sell-off due to massive unlocking of the token from the official escrow wallet of the team. XRP has skyrocketed this week, but it could end soon. According to Whale Alert (@whale_alert), 100M XRP has recently been unlocked.
🚨 🚨 100,000,000 #XRP (27,971,787 USD) Escort wallet to Ripple
- Whale Alert (@whale_alert) February 6, 2020
Reactions to the unlock were overwhelmingly negative. Many were not surprised that the team had unlocked yet another batch of XRP tokens, at which point these unlocks became the butt of endless jokes within cryptocurrency Twitter and beyond. “Right on cue,” wrote one user.
Print $ XRP sell upon breakout. Sounds like a good plan to me 🤷
- Gilly Mcdouble (@cornpumpthirsty) February 6, 2020
Maybe it's the missing 100 XRP from the last 000M escrow release ... pic.twitter.com/3Lom1CThhf
- Hopmtl77 (@ hopmtl77) February 6, 2020
Token unlocking seems to be a common occurrence for Ripple, which has caused considerable controversy. Each month, 1B XRP is unlocked from the team's deposit wallet – so this last 100M XRP is an extra bonus on top of the regular one. It is not clear what the team is doing with the excess funds, which amount to hundreds of millions of dollars a month.
The third largest cryptocurrency was recently registered on BitMEX for perpetual XRP / USD swaps. However, shortly after the listing, the BitMEX CEO decided to mock XRP, calling it “dogsh * t”. He jokingly writes that "it costs more than zero, so it's time to trade a pair of USD on BitMEX." Boo-ya-sha! »CEO Arthur Hayes accepted the hot remark, but did not cancel his remarks.
XRP Ripple is currently up + 2,94% per day at the time of writing and continues to show a high trading volume. Ripple CEO Brad Garlinghouse recently went on Twitter to protect XRP from critics: he claimed that XRP outperformed bitcoins and the wider cryptocurrency market in 2020. As BeInCrypto previously reported, such a claim is false. In addition, XRP will be tested, as the consequences of this latest token unlock are felt on the market.