1billion XRP worth $1.6 billion released into the Crypto market

XRP, the fourth most valuable crypto asset by market value, recently released about 1 billion XRP worth about $1.6 billion, from an escrow account.

Whale Alert, an advanced crypto tracker, tracked the massive transactions in real-time which occurred in two different 500 million XRP transactions worth about $1.6 billion, meant primarily for funding its operations and venture capital, with the rest kept back in the escrow accounts.

READ: Ripple takes back 800 million XRP

? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (795,433,689 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/gQXvkEmsCf

— Whale Alert (@whale_alert) May 1, 2021

? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (795,433,689 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/58EBeAflhS

— Whale Alert (@whale_alert) May 1, 2021

In simple terms, such transactions boost the liquidity in the Ripple network as more people gain access to buy into the fourth most valuable crypto.

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What you show know about Ripple (XRP)

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

At the time of writing this report, XRP was trading at $1.59 on the FTX exchange with a daily trading volume of $13 billion. XRP is up 4.17% for the day. Its current market value stands 73 billion with a circulating supply of 45,404,028,640 XRP and a maximum supply of 100,000,000,000 XRP coins.

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Unlike its major leading crypto (Ethereum and Bitcoin) which were never intended to be a payment system, Ripple has gained the attention of major global banks such as Standard Chartered and Barclays for international transactions worldwide.

For the week, XRP has seen a rise in value, a surge close to 40% as investors bet Ripple would settle with the Securities and Exchange Commission. That being said, price patterns reveal XRP is still down about 52% from its record of $3.29 set on January 4, 2018.