Ripple Unlocks 500 Million XRP Tokens
Onchain data revealed 500 million XRP tokens were unlocked from Ripple’s escrow on May 1. The crypto firm is known to unlock 1 billion tokens monthly, although it looks to have only unlocked half this time around. The magnitude of these tokens always raises concerns, considering the negative impact they could have on the altcoin’s price if dumped on the market.
Talks About Ripple Dumping On The Market Resurface
Following the latest token unlock, the crypto community has reignited talks about Ripple’s alleged dumping on XRP holders. The question of whether or not Ripple’s XRP sales influence the token’s price has been a long-standing discussion, with notable figures like pro-XRP crypto YouTuber Jerry Hall even accusing Ripple of intentionally suppressing the altcoin’s price with its sales.
On the other hand, people like Ripple’s Chief Technology Officer (CTO) have clarified that the crypto firm’s XRP sales do not impact the crypto token’s price. Moreover, Ripple already discontinued programmatic sales, which means that its transactions cannot affect prices on crypto exchanges.
Ripple also noted in its recent court filing in its ongoing legal battle against the Securities and Exchange Commission (SEC) that it had taken measures to ensure its institutional sales did not violate securities laws. This suggests that Ripple conducts its sales over the counter (OTC) to avoid further scrutiny from the Commission.
At the time of writing, the token is trading at around $0.5, up over 2% in the last 24 hours according to data from CoinMarketCap.
