500 Million XRP Tokens Unlocked Abruptly, What’s Happening?

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Ripple’s native crypto, XRP is still looking for stable ground to perform a recovery. Amid increasing selling pressure in the crypto market, an abrupt and shocking unlocking of half a billion XRP tokens from escrow accounts took place on Friday. This unlock has stirred speculation within the crypto community.

Is this Ripple’s new XRP move?

As per the data shared by WhaleAlert, a total of 500 million XRP (approx worth $306.5 million) was released from the “rDqGA” address in two different transactions. However, the biggest of the transactions recorded by the on-chain tracker turned out to be unlocking 300 million XRP (approx worth $183.8 million).

There is no such clarity provided over Ripple’s intentions behind this move but the release has left many questioning the company’s next move. It is expected that the unlocking may contribute to short-term price fluctuations. Some are suggesting that this can be Ripple’s strategic move to maintain liquidity in the XRP market and support its use in cross-border transactions