1 Billion XRP Tokens Unlocked by Ripple

According to data from Whale Alerts, a total of 1 billion XRP tokens were unlocked by Ripple on Monday.

This follows the official confirmation that XRP is part of a multi-token cryptocurrency reserve in the US. As reported by U.Today, Ripple has been advocating against a Bitcoin reserve.

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 from its escrow.

Ripple typically releases a billion tokens on the first day of every month, a schedule they first introduced in 2017.

The company’s Q4 report states that it continues to hold over 38 billion XRP tokens, along with roughly 4.5 billion tokens in reserve.

XRP’s 9% Price Decline

On Sunday, XRP’s fully diluted valuation briefly surpassed that of Ethereum (ETH). However, after an enormous rally following the crypto reserve announcement, XRP’s price has given up some gains.

The concept of establishing a multi-token cryptocurrency reserve has received significant backlash. Entrepreneur Naval Ravikant criticized on social media, stating, “The US taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only.”

The Ripple-affiliated cryptocurrency is currently down more than 10%, trading at $2.3. This latest drop follows a massive $147.5 million XRP transfer to Bithumb, the leading cryptocurrency exchange in South Korea, where traders are known to significantly influence XRP’s price.