Ripple cryptocurrency may collapse: another 100 million XRP left the escrow account

Cryptocurrency startup Ripple has unlocked another 100 million XRP tokens (about $29 million) from its escrow account.provoking a panic among traders.

XRP holders risk getting caughtin large-scale coin sales, provoked by large injections of liquidity from the development team. XRP has risen sharply this week, but the bullish trend may soon end. Whale Alert (@whale_alert) reports that another 100 million XRP tokens were recently released from the escrow account.

The community's reaction to this news wasextremely negative. Many were not surprised by the company’s decision to release another batch of tokens to the market. Moreover, on crypto-Twitter these actions have long been the subject of endless jokes and ridicule. “Right on the clock,” writes one user.

Unlocking tokens has become commonplace forRipple, which, however, is not approved by many members of the community. Every month the company unlocks 1 billion XRP from its team escrow wallet, so these 100 million tokens have already gone beyond the norm. It is unclear what the team is doing with the funds received, the monthly amount of which amounts to hundreds of millions of dollars.

Recently, the cryptocurrency derivatives exchange BitMEXadded XRP/USD perpetual swaps to its product line. Shortly after the listing, the head of the exchange decided to tease XRP supporters by calling the currency “dog crap.” At the same time, he also added that since it costs more than zero, then it’s time to trade it on BitMEX in pairs with the dollar. He received a barrage of criticism for this comment, but nevertheless, he did not delete it or refute it.

At the time of writing, XRP is tradingwith an increase of 1.22% on the backdrop of growing trade volume. Recently, Ripple CEO Brad Garlinghouse announced that in 2020, XRP outperformed Bitcoin and the cryptocurrency market as a whole. However, as the editors of BeInCrypto previously reported, these statements have nothing to do with reality. Most likely, the coin will have to undergo a strength test as soon as the market feels the consequences of the new infusion of 100 million tokens.

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