Yesterday Ripple (XRP) coin saw a significant influx of 700 million XRPs from Ripple’s escrow account.
Ripple is a San Francisco-based fintech firm. This firm uses XRP coin to provide cross-border crypto payment services. The total maximum supply of XRP coins is 100 billion. Ripple received 80 billion XRP and its executives & founders received 20 billion XRP tokens.
On 1 June 2023, the Whale Alert Twitter account reported Ripple unlocked nearly 1 billion XRP tokens and later dragged back nearly 700 XRP tokens.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 300,000,000 #XRP (152,704,922 USD) locked in escrow at Ripple Escrow wallet https://t.co/6hj1kCk8pI
— Whale Alert (@whale_alert) June 1, 2023
A few crypto traders noted that Ripple is trying to dump 300 Million XRP in the crypto market and this is a sign that the XRP token trade price will see a significant downside.
Tracking XRP via @whale_alert I noticed yesterday that the monthly Escrow unlock, relock took place. My concern is that I saw 1 billion were unlocked, but only 700 million went back in?Is Ripple getting ready to dump 300 million XRP? 🤔 pic.twitter.com/Tq0FxgC5Lz
— Crypto Rookie 🇬🇧 (@leebeard73) June 2, 2023
At the present, the total circulating supply of XRP coin is 51.98 billion and the Ripple team unlocks XRP coin on usually scheduled plans, to maintain XRP market stability.
The current trade price of XRP coin is $0.5249 & this trade price is 11.6% high over the last 7 days of trade price.
In recent weeks, several crypto analysts shared their opinion on the potential pump in the XRP coin trade price and noted that it will not be strange to predict XRP to hit $1 under current market sentiments, following the last court order against the US securities regulatory body in the XRP Lawsuit.
