After Ripple massive token unlock of around 100,000,00 ($27.9), crypto enthusiast began to fear a sell-off is imminent. This was made known through Twitter, after one user Whale Alert tweeted about the unlocked cryptocurrency.
People who possess the XRP coin are predicted to begin selling off because of the unlocked amount from Ripple’s escrow wallet. However, XRP started rising earlier this week but expected to be short lived.
Crypto users reaction to the news of the transfer has been negative as several people where indifferent about the news of another batch of unlocked XRP token.
Ripple massive token unlock becoming a persistent occurrence
Reportedly, it has been observed that unlocking token has become a persistent occurrence by Ripple and has stirred controversies. However, what the unlocked funds are used for remains unknown to crypto holders as the unlocked funds persistently being drawn is estimated at around $100 million monthly.
Previously, Ripple CEO, Brad Garlinghouse has given his words to crypto holders that they are in no position to thwart XRP price and don’t want its market value to drop. But then crypto holders do not believe his claims as they are afraid that another portion of the crypto has been activated to improve the company’s profit drove without considering the aftermath on crypto holders.
XRP crypto ranks after Bitcoin and Etherum in the crypto world and was recently listed on BitMEX for XRP/USD exchange. Not long after the crypto got listed, when BitMEX CEO called XRP ‘dogshit,’ he went on to write that the crypto has its own value, therefore, it would be traded on BitMEX.
XRP current market situation
The crypto currently is on the rise with a +2.94% increase and continues to reflect strong trading volumes. Brad Garlinghouse, Ripple’s CEO has also taken to twitter to come to the aid of XRP before those criticizing it.
In his defence he mentioned that their crypto has fared better than BTC and the crypto market this year. Although the claim contradicts previous reports, Ripple crypto will be subject to forensic checks as this new unlock has a giant effect on the entire crypto market.