Ripple unleashes 1,000,000,000 XRP worth $ 240 million

Ripple, the leading fintech crypto payments company, opened 1 billion XRP worth $ 240 million from an escrow account a few hours ago – which increases liquidity on the Ripple network.

Data from Whale Alert, an advanced crypto tracker, showed that 1 billion XRPs were unlocked from an escrow account. These transactions took place in two tranches.

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🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (119,916,616 USD) unlocked from escrow account at Ripple Escrow Wallet

Send: https://t.co/NGcNSUnfgL

– Whale Alert (@whale_alert) November 1, 2020

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (119,916,616 USD) unlocked from escrow account at Ripple Escrow Wallet

Send: https://t.co/Y8htnBj6Ef

– Whale Alert (@whale_alert) November 1, 2020

READ: Bitcoin Whale transfers $ 1.1 billion worth of crypto for $ 3.58

What we know: At the time of writing this report, XRP traded at $ 0.238034 with a daily trading volume of $ 1,367,327,400. The XRP price is down -0.3% in the past 24 hours. It has 45 billion coins in circulation and a maximum number of 100 billion coins.

Why it happens: Ripple is typically known for releasing 1 billion XRPs each month, which are sold in support of its development, platform maintenance, and longstanding strategy of investing in creative startups. The slow release of XRP is also helping crypto traders and investors better access to the fourth most valuable crypto by market value.

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Ripple, whose XRP token is the fourth most valuable cryptocurrency by market capitalization, has just created more liquidity in Ripplenet by unlocking 1 billion XRP tokens.

Ripple owns more than half of the entire XRP offering. In late 2017, the company vowed not to sell all of its tokens (XRP) at once and hold up to 55 billion XRP in protected escrow accounts.

Quick fact: Ripple (XRP) plays a dual role as a payment platform and currency. The platform is an open source platform that was created to enable fast and inexpensive transactions.

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In contrast to its crypto rival Bitcoin, which was never intended to be a simple payment system; Ripple has caught the attention of major global banks like Standard Chartered and Barclays for international transactions worldwide.

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What you should know

A few months ago, the US Consumer Financial Protection Bureau was enthusiastic about Ripple as a tool to bring simplicity and openness to the financial industry.

“As banks and credit unions increase their reliance on closed network payment systems for sending wire transfers and other cross-border money transfers, the Bureau notes that this could lead to greater standardization and simplification by which sending institutions do the precise can determine the thirds covered -party fees and exchange rates. “

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