Ripple, the leading fintech company for crypto payments, some hours ago, opened 1 billion XRP valued at $240 million from an escrow account—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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? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (119,916,616 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) November 1, 2020
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (119,916,616 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) November 1, 2020
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What we know: 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.
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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.
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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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What you should know
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.
“To 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.”