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Home Markets Cryptos

Ripple opens 1,000,000,000 XRP

Olumide Adesina by Olumide Adesina
October 1, 2020
in Cryptos
ripple cryptocurrency, XRP
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Ripple (XRP), which is now the third most valuable crypto asset by market capitalization, recently unlocked 1 billion XRP, worth over $240 million, from an escrow account.

Whale Alert, an advanced crypto tracker, monitored this movement, revealing it occurred in two different 500 million XRP transactions, in real-time.

READ: New crypto gains 1,633% in four days, catches Ethereum creator’s eyes

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🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (121,354,837 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/ETwDnqXCZW

— Whale Alert (@whale_alert) October 1, 2020

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (121,331,788 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/RVzcuVd39S

— Whale Alert (@whale_alert) October 1, 2020

READ: Bitcoin is becoming scarce as BTC Miners sell less BTCs

It then set up a plan to release about 1 billion XRP monthly for sale to be used as funding for its operations, and to invest in startups of interest, with the rest kept back in the escrow accounts.

What this means: In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.

READ: DeFi crypto market value gains over 1000% from June

Ripple’s concept involves releasing 1 billion XRP monthly to be sold in order to fund its payments platform maintenance and to invest in aspiring startups.

What you should know: Ripple is a privately-held fintech company that provides a global payment solution via its patented payment network called Ripple Network (also known as RippleNet).

  • XRP is the digital token that has a circulating supply of 45 billion coins and a max supply of 100 billion coins.
  • XRP still remains the only crypto gaining traction among global banks as Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil

READ: Number of contract calls on Ethereum rises by 300%

Other leading global banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.

XRP’s unique advantages over Bitcoin include the following;

  • 1.XRP is x1000 faster than $BTC (3-4 seconds)
  • 2.XRP is x1000 cheaper than $BTC (> $0.01)
  • 3.XRP is better for the environment (no mining)
  • 4.XRP is more scalable

Follow us for Breaking News and Market Intelligence.
Tags: Cryptocurrency NewsHSBC HoldingsMitsubishi UFJ Financial GroupRippleRippleNet)Whale alert
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 3

  1. Ikenna Nwogu says:
    October 2, 2020 at 11:08 am

    Good morning Mr. Olumide Adesina, this is my first time reading your post on cryptos and I am very delighted because you are an expert in this field.. Please I want to grow my knowledge about the blockchain and the cryptocurrency from there become an investor in the Blockchain world..

    Reply
    • Anonymous says:
      October 2, 2020 at 10:54 pm

      Me too

      Reply
    • Mrs Orebayo Clara says:
      October 12, 2020 at 7:30 am

      Me too. That’s exactly what I’m looking for

      Reply

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