The seventh most valuable crypto asset by market capitalization, XRP recently unlocked 1 billion XRP worth about $415 million, from an escrow account.
Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time some hours ago.
500,000,000 XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
READ: Ripple lets go 1,000,000,000 XRP valued at $240 million
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (206,722,279 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
500,000,000 XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (208,296,110 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2021
At the time of writing this report, XRP traded at $0.419061 a daily trading volume of $4,092,935,822 USD. XRP is down 1.89% for the day.
Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.
READ: Litecoin displaces XRP as 4th most valuable crypto
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.
What you should know; Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.
- Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
- It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.