According to data provided by Whale Alerts, Ripple unlocked a total of one billion XRP tokens on Monday. This comes after it was officially confirmed 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 huge 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 generated 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. The latest price drop came after 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 the driving force behind XRP’s price movement.
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