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Ripple Unlocks 100 Mln XRP, Community Expects Another Sell-Off to Come

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Wed, 01/15/2020 - 08:50
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  • As XRP has regained the $0.24 level, the community is rejoicing, however, seeing that Ripple has unlocked another 100 mln XRP, some are now suspecting a dump coming soon

Cover image via 123rf.com
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On Tuesday, the price of the third largest coin, XRP, started surging, along with the rest of the crypto market, and briefly regained the $0.24 spot. At press-time, the coin is trading at $0.23 after a tiny slump. Still, CoinMarketCap is showing an XRP growth of 7.23 percent.

Meanwhile, Ripple has unlocked 100 mln XRP from its escrow wallet. Some in the community believe that price manipulation is taking place since the stash has been unlocked amidst a long-awaited price growth. The transaction was detected and reported by Whale Alert.

Ripple unlocks another large portion of XRP

100 mln XRP ($23,823,138) has been unlocked from Ripple’s escrow amidst the coin’s long-awaited price surge. In the past, the Ripple CEO Brad Garlinghouse assured the community that Ripple is unable to manipulate the XRP price and is not interested in keeping it low.

However, XRP holders in the comment thread seem to believe the contrary, fearing that another portion of XRP has been released to bring profit to Ripple without caring about what effect it may have on investors.

One of the users who responded negatively to this tweet, was @_Crypto_Maniac_. Previously, he had tweeted unconfirmed insider information that the XRP price is on its way to hit $50 soon.

As reported by U.Today earlier, on January 1, Ripple unlocked a gargantuan amount of over 1 bln XRP. However, a large part of it was later returned to escrow.

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Bithumb moves 29 mln XRP

Meanwhile, Whale Alert has also spotted that 29,000,000 XRP ($6,767,373) was recently moved from the Bithumb exchange to a wallet with an unregistered owner.

However, the bithomp.com website shows that this unknown wallet was activated by Bithumb as well. Contrary to the comments under the aforementioned tweet, this time XRP holders took it as a sign of a further pump coming.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

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Wed, 04/01/2020 - 08:27
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  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

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Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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