Ripple Labs Makes Major Move, Unlocks Second Batch of 500 Million XRP From Escrow

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American payment protocol company, Ripple Labs has made a major move today as it unlocks a heft 500 million XRP tokens from its escrow. The play has sparked speculations across the crypto community with members wondering why such a huge amount was withdrawn.

The transfer comes amid its ongoing court battle with the Securities and Exchange Commission (SEC) about whether the native token XRP should be classified as a security. The SEC has accused Ripple of selling XRP to investors without registering it as securities.

The unlocking of the massive amount of tokens from escrow coincides with the XRP price downtrend today April 12 raising concerns among investors and members of the crypto community