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Cryptocurrency

Ripple lets go 1,000,000,000 XRP valued at $240 million

Ripple opened 1 billion XRP valued at $240 million from an escrow account.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

Ripple, the leading fintech company for crypto payments, some hours ago, opened 1 billion XRP valued at $240 million from an escrow accountโ€”increasing liquidity on the Ripple network.

Data seen from Whale Alert, an advanced crypto tracker showed 1 billion XRP unlocked from an Escrow account. These transactions occurred in two tranches.

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READ: Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58

What we know:ย At the time of drafting this report, XRP traded at $0.238034 with a daily trading volume of $1,367,327,400. XRP price is down -0.3% in the last 24 hours. It has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

Why it’s happening: Ripple is usually known for releasing 1 billion XRP every month to be sold in support of its development, platform maintenance, coupled with its longtime strategy of investing in creative startups. The slow-release of XRP also helps crypto traders and investors more access to the fourth most valuable crypto by market value.

READ: Ripple’s money transfer network available in Nigeria

Ripple, whose XRP token is the fourth most valuable cryptocurrency by market cap, has just created more liquidity in Ripplenet by unlocking 1 billion XRP tokens.

Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.

Quick fact: Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.

READ: How investors make money from Bitcoin without owning crypto

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Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system; Ripple has gained the attention of major global banks, like Standard Chartered and Barclays for international transactions worldwide.

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A few months ago, the U.S Consumer Financial Protection Bureau looked excited about Ripple as a tool for bringing simplicity and openness to the financial industry.

โ€œTo the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease, by which sending institutions can know exact covered third-party fees and exchange rates.”

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Akeem bello

    November 1, 2020 at 9:26 pm

    I want to know how to trade on crypto

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