XRP Unlock and Recent Market Movements

According to data provided by Whale Alerts, Ripple unlocked a total of one billion XRP tokens on Monday.

This follows the confirmation that XRP would be part of a multi-token cryptocurrency reserve in the United States. On March 2, Whale Alert reported that the San Francisco-based enterprise blockchain company transferred 500 million XRP tokens from an unknown wallet and the same amount to its escrow account.

On Sunday, XRP’s fully diluted valuation briefly surpassed that of Ethereum (ETH). After a significant rally following the crypto reserve announcement, the XRP price has now given up some of its gains. The idea of a multi-token cryptocurrency reserve has also faced significant backlash.

> “The US taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only,” said entrepreneur Naval RAVIKANT.

At the time of writing, XRP has fallen more than 10%, trading at $2.30. This latest price drop followed a huge transfer of $147.5 million worth of XRP to Bithumb, a leading cryptocurrency exchange in South Korea. South Korean crypto traders are known to be a driving force behind XRP’s price movement.

Designed by Freepik