Trusted

Ripple Unlocks Another 100,000,000 XRP as Traders Fear Sell-Off

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram
Ripple has just unlocked another 100,000,000 XRP ($27.9M) from its escrow wallet, sparking fears that a sell-off may be coming.
Ripple’s XRP holders may soon face a sell-off due to a massive token unlock from the official team’s escrow wallet. XRP has been surging this week, but that may soon be coming to an end. 100M XRP was recently unlocked, according to Whale Alert (@whale_alert). The reactions to the unlock were overwhelmingly negative. Many were unsurprised that the team unlocked yet another batch of XRP tokens, and at this point, these unlocks have become the butt of endless jokes on cryptocurrency Twitter and beyond. “Right on cue,” one user writes. Token unlocks seem to be a common occurrence for Ripple, which has caused significant controversy. Every month, 1B XRP is unlocked from the team’s escrow wallet—so this most recent 100M XRP is an added bonus to the usual. It’s unclear what the team does with the excess funds, which total 100s of millions of dollars every month. The third-largest cryptocurrency was recently listed on BitMEX for XRP/USD perpetual swaps. Shortly after the listing, however, the BitMEX CEO decided to mock XRP, calling it “dogsh*t.” He writes jokingly that “It’s worth more than zero so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha!” CEO Arthur Hayes took heat for the comment, but he has not rescinded his remarks. XRP Price Ripple’s XRP is currently up +2.94% on the daily at the time of writing and continues to boast strong trading volume. Recently, Ripple’s CEO Brad Garlinghouse took to Twitter to defend XRP against critics: he claimed that XRP has outperformed Bitcoin and the broader cryptocurrency market thus far in 2020. As BeInCrypto previously reported, such a claim is false. XRP will further be put to the test as the effects of this most-recent token unlock are felt in the market.
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

images-e1706008039676.jpeg
Advertorial
Advertorial is the universal author name for all the sponsored content provided by BeInCrypto partners. Therefore, these articles, created by third parties for promotional purposes, may not align with BeInCrypto views or opinion. Although we make efforts to verify the credibility of featured projects, these pieces are intended for advertising and should not be regarded as financial advice. Readers are encouraged to conduct independent research (DYOR) and exercise caution. Decisions based on...
READ FULL BIO
Sponsored
Sponsored