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Attention XRP traders: Ripple has unlocked millions of dollars!
US blockchain-based payment protocol Ripple Labs unlocked $500 million worth of XRP tokens from its vault hours ago. This news, which emerged at the same time as the Ripple price fell, caused concern among cryptocurrency investors.
🔓 🔓 🔓 🔓 🔓 200,000,000 #XRP (122,636,247 USD) unlocked from escrow at unknown wallethttps://t.co/8ckBMXkGbQ
– Whale Alert (@whale_alert) April 12, 2024
Blockchain tracker Whale Alert announced on its X account that it released $500 million worth of XRP from the company’s cryptocurrency wallets. Ripple Labs reached the amount in question with two different transactions of 200 and 300 million units. According to current market data, the total value of the unlocked tokens is close to 300 million dollars.
Why did they open the lock?
The question of why the US payment protocol, which is currently in litigation with the SEC, unlocked millions of tokens has received widespread attention on social media. Experts said the transfer was a planned move to preserve liquidity and facilitate cross-border payments.
Ripple regularly releases 1 billion XRP tokens monthly from company wallets.
XRP price
Ripple’s native cryptocurrency XRP has been trending sideways in recent days. According to CoinGecko data, Ripple is the fifth largest cryptocurrency by market capitalization. Ripple coin has lost 2.1 percent in the last 24 hours.
XRP is currently changing hands at $0.6026.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making decisions.
