On-chain data recently showed this ripple Implemented the monthly escrow opening for the month of May. As expected, this has raised concerns about how it will affect the price of XRP, especially since Ripple has been accused of doing so Token price manipulation.
Ripple launches 500 million XRP tokens
Onchain data open 500 million XRP tokens were unlocked from the Ripple account on May 1. The cryptocurrency company is known to be unblocking 1 billion tokens per month, although it appears that only half of it has been opened this time. The size of these tokens always raises concerns, given the negative impact they can have on them Alternative currency price If dumped in the market.
Further analysis of on-chain data shows this ripple Send 300 million XRP in unlocked tokens to escrow (2Not4co2op). Meanwhile, the cryptocurrency company sent the remaining 200 million XRP tokens to another wallet (4vt5x1o91m). Given that 200 million XRP tokens have not been sent into escrow, Ripple may have plans to sell them at some point, although it has not done so yet.
It is also worth noting that Ripple Receive Another 500 million XRP tokens from an unknown wallet (ymFZmKxEsF). However, this money was spot on sender To the escrow account. In this way, Community He can breathe a sigh of relief as most of the XRP tokens received by Ripple in the past 24 hours have been returned to escrow.
Talks of Ripple flooding the market are resurfacing
After the latest token was unlocked, the cryptocurrency community did just that It flared up again He talks about the alleged dumping of Ripple XRP holders. The question of whether or not Ripple's XRP sales impact the price of the token has been a long-running debate, with prominent figures like XRP-pro-XRP YouTuber Jerry Hall. Accused The deliberate suppression of the altcoin's price ripples through its sales.
On the other hand, people like Ripple's Chief Technology Officer (CTO) have done just that He explained The cryptocurrency company's XRP sales do not affect the price of the cryptocurrency token. Moreover, it is already rippling to stop Automated sales, which means that its Transactions It cannot influence prices on cryptocurrency exchanges.
Ripple is also pointed in Final court filing In its ongoing legal battle against the Securities and Exchange Commission (SEC), it has taken measures to ensure that its institutional sales do not violate securities laws. This suggests that Ripple is conducting its sales over-the-counter (OTC) to avoid further scrutiny by the commission.
At the time of writing, the token is trading at around $0.5, up more than 2% over the past 24 hours according to Data From Coin Market Cap.
Price rises above $0.51 | Source: XRPUSDT on Tradingview.com
Featured image from The Motley Fool, chart from Tradingview.com
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