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1 Bln XRP Unleashed from Escrow, Ripple Community Enraged

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Sun, 02/02/2020 - 12:13
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Yuri Molchan
As Ripple unleashes another billion XRP from escrow, investors expect the amount of XRP in the market to surge
1 Bln XRP Unleashed from Escrow, Ripple Community Enraged
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On February 1, as it always happens on the first day of a new month, the San-Francisco-based blockchain behemoth Ripple let out another billion XRP from its escrow storage vault.

XRP escrow
Image via Twitter

The crypto community has never liked these releases of giant XRP amounts. Many investors of the third largest cryptocurrency believe that since all these coins get dumped on the market, the XRP price is bound to stay low.

In the comment thread, many users are saying they now expect another big XRP dump coming.

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At press-time, XRP is trading at $0.2505, as per CoinMarketCap. However, earlier, U.Today reported that a Twitter user TraderXO wrote the coin might be in for a big rally soon – on the charts, XRP is about to form a ‘Wyckoff Spring’ pattern.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.