According to data provided by Whale Alerts, a total of one billion XRP tokens were unlocked by Ripple on Monday.
This comes after XRP was officially confirmed to be part of a multi-token cryptocurrency reserve in the U.S. As reported by U.Today, Ripple has been advocating against a Bitcoin reserve.
On March 2, Whale Alert reported that the San Francisco-based enterprise blockchain company transferred 500 million XRP tokens from an unknown wallet and the same sum in its escrow.
Ripple typically releases a billion tokens on the first day of every month, according to its schedule that was first introduced in 2017.
Tomiwabold OlajideThe company's Q4 report says that it continues to hold more than 38 billion XRP tokens. Moreover, Ripple holds roughly 4.5 billion tokens.
XRP's 9% plunge
On Sunday, XRP's fully diluted valuation briefly surpassed that of Ethereum (ETH).
After experiencing an enormous rally following the crypto reserve announcement, the XRP price has now given up some gains.
The idea of establishing a multi-token cryptocurrency reserve has also caused a significant backlash. "The US taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only," entrepreneur Naval Ravikant said on social media.
Yuri MolchanThe Ripple-affiliated cryptocurrency is currently down more than 10%, currently trading at $2.30.
The latest price drop comes after a massive $147.5 million XRP transfer to Bithumb, the leading cryptocurrency exchange in South Korea. It is worth noting that South Korea's cryptocurrency traders are known as the driving force behind XRP's price action.
Vladislav Sopov
Dan Burgin