Surprisingly, approximately half a billion XRP tokens became accessible from unidentified trust wallets today, as indicated by Whale Alert’s data. The irregular occurrence, deviating from the routine monthly unlocking of Ripple accounts, has sparked intriguing discussions among the community about potential implications.
In two parts, the release of XRP took place: First, 200 million XRP were freed up, equal to approximately $122.64 million in value. Next, another 300 million XRP were made accessible, representing around $183.89 million. Importantly, these transactions emerged from the “rDqGA” address, a known Ripple entity since 2017, but previously inactive according to Bithomp data since 2021.
When when a large number of Ripple tokens were unexpectedly released, it sparked curiosity about the company’s motives, leaving many wondering why this happened without prior notice from Ripple. The lack of clarification from the company has led to much speculation on social media.
XRP price reaction
Some people are expressing worry over how XRP‘s price might be affected if a large amount of tokens suddenly enter the market unexpectedly. They believe this could cause a market drop.
Although there were concerns, the cost of XRP has remained strong against this news. Currently, XRP is being bought and sold for $0.614, which is only a slight rise of 0.5% from the previous day’s figure.
Ripple holds a significant quantity of XRP themselves, with a total of 39.9 billion tokens still kept in their control.
The community is looking forward to more information from Ripple about the unusual release of 500 million XRP tokens, and investors are keeping a close eye on developments.
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2024-04-12 11:58