.@Ripple locks big $XRP lump in #escrow, extending regular monthly #XRP releases https://t.co/e4Yd3Fw874
— U.Today (@Utoday_en) May 2, 2023
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Ripple : Bold move that is shaking the crypto market
Wed 03 May 2023 ▪
3
min of reading ▪ by
Getting informed
▪
The crypto market is in turmoil since Ripple’s latest announcement. The crypto company has reportedly locked up 700 million XRP. They also plan to sell 300 million XRP. This decision has sparked numerous questions and a lot of fear among crypto investors.
Ripple releases 1 billion XRP from escrow
Since 2017, Ripple has been locking funds in an escrow system based on XRP. This is part of a monthly distribution strategy to ensure predictability of supply and stability of the XRP token. By releasing XRP from escrow, Ripple is also trying to spark interest from financial institutions.
The latest monthly escrow operations by Ripple date back to May 1st. On that day, the crypto company released 1 billion XRP. Based on the current price, this represents about $470 million. However, a new revelation has shaken things up!
According to Whale Alert, Ripple has returned 700 million XRP under escrow. The crypto company even plans to inject the remaining 300 million XRP tokens into the crypto market. But that’s not all! Via a tweet, the famous crypto tracking service also reports a suspicious transaction initiated by a crypto whale. It is a transfer of 24,757,056 XRP ($11,377,133) from Binance exchange to a wallet.
Returning 700 million XRP under escrow is normal!
This type of operation extends the XRP release program. Furthermore, these monthly XRP withdrawals by Ripple have no impact on the token’s price. However, in the early years, many members of the Ripple community launched a petition to end this practice.
Currently, Ripple’s XRP ranks 6th in the list of top cryptocurrencies. It is currently trading at $0.46. However, according to several crypto analysts, its value could reach $1 in the coming weeks. On the other hand, Whale Alert’s revelations could indicate a drop in buying.
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