XRP has just surpassed its arch-rival, Polkadot, amid strong buying pressure from an army of relatively young traders on Reddit.
XRP now has a market value of about $22 billion, while Polkadot, an open-source multichain protocol that enables the cross-chain transfer of any data or asset type, had a market value of $14.6 billion.
Meanwhile, leading crypto-payment based company, Ripple, creator of the fourth most valuable cryptocurrency by market capitalization, recently unlocked 1 billion XRP, worth $477.7 million, from an escrow account in two tranches.
“500,000,000 XRP (238,886,002 USD) unlocked from escrow at Ripple Escrow wallet.”
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.
It then set up a plan to release about 1,000,000,000 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 XRP.
Ripple (XRP) plays a dual role as a payment platform and a currency. It is an open-source platform that is created to allow quick and cheap transactions.
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