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.
READ: Ether on record high as European Investment Bank launches digital bond on Ethereum
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.
READ: Cardano flying on a record high amid top American singer’s buy
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.