According to U.Today, an unexpected release of 500 million XRP tokens from unidentified escrow accounts has sparked speculation within the cryptocurrency community. This unusual event deviates from the regular monthly unlocking of Ripple accounts. The release occurred in two phases, with an initial release of 200 million XRP, equivalent to $122.64 million, followed by an additional 300 million XRP, valued at $183.89 million. Both transactions originated from the 'rDqGA' address, associated with Ripple since 2017, but inactive since 2021, according to Bithomp records.
The sudden release of such a large number of tokens outside the regular schedule has raised questions about Ripple's intentions. Without any clear explanation from the company, social media platforms are filled with speculation. Concerns have been raised about the potential impact on XRP's price, with fears that such a significant and unexpected influx of tokens could lead to a market downturn.
Despite these concerns, the price of XRP has shown resilience. As of the time of reporting, XRP is trading at $0.614, a marginal increase of 0.5% compared to the previous day's price. It's important to note that Ripple still owns a significant amount of XRP, with 39.9 billion tokens remaining in its accounts.
As the community awaits further clarification from Ripple regarding the unexpected release of half a billion XRP tokens, market observers continue to monitor the situation closely.
