The price of XRP, which was created by the Francisco-based foundation Ripple, soared on Tuesday, in line with the other crypto currencies, adding as much as 7.23 percent.
The coin’s price surge came as Ripple unlocked 100 million ($23,823,138) XRP from its escrow wallet, a move that drove some in the community to believe that price manipulation is taking place since the stash has been unlocked amidst XRP price growth. Other XRP holders believe that another portion of XRP has been released to bring profit to Ripple with disregard to what effect it may have on investors.
Meanwhile, Whale Alert spotted that 29,000,000 XRP ($6,767,373) was recently moved from the Bithumb exchange to a wallet with an unregistered owner.
It was reported earlier this month that Ripple may be scrutinized by US regulators due to claims that it used the token as a security. However, Ripple Labs CEO Brad Garlinghouse stressed that XRP could not be used as a security for several reasons, including the fact that XRP is entirely independent of the company, and therefore, token holders are not dependent on Ripple. Furthermore, XRP holders have no ownership rights in the privately-owned Ripple, meaning that XRP tokens do not equate to tokenized equity shares within the company.
XRP was projected, in early January to see an increase of up to 60% in 2020, with an upward momentum extending until mid-next year.