1 Billion XRP: Ripple Unlocks $400 Million In Crypto From Escrow
Ripple made some huge money moves again. They have unlocked 1 billion XRP from escrow, which is worth about $400 million at the time of writing this article.
The San Francisco startup will be selling a part of the funds to crypto exchanges and institutional entities and then return the rest to escrow at the end of the month.
As you know by now, Ripple owns more than half of the total supply of XRP and the firm doesn’t reveal the buyers.
The fact that the company owns so much of XRP’s supply has been triggering accusations of centralization although Ripple has been denying these for a really long time.
Anyway, now, crypto whale watchers did what they always do – monitored the XRP movements from Ripple’s OTC wallets to unknown wallets which indicate the sales of XRP writes the online publication the Daily Hodl.
They also write that usually, Ripple sells a fraction of the total amount that they unlock on a monthly basis and then releases an overview of the dollar amount of XRP that has been sold in each quarter.
Ripple’s last report reveals that they sold $169.42 million worth of XRP in January, February and March.
Reddit debate regarding the price of XRP
Back in May, Redditors were debating whether these movements can affect the price of Ripple’s digital asset.
Back then someone said: “I think we will reach 1 billion in sales per month faster than you think. Remember that Ripple’s sales of XRP increased by 31% in the last quarter. That’s an insane amount. That occurred with only 10 companies actually using XRP ATM. As more companies come online, they will draw more collectively from the coffers of Ripple.”
The Redditor continued and said that “This budding ecosystem will also solidify XRP’s value proposition of having actual, real-world use. In turn, the institutional investors and exchanges will also ramp up XRP purchases from Ripple as retail investor demand will increase. There will be a compounding effect.”
Other than that, XRP is currently trading in the red on CoinMarketCap, just like all the other coins, after BTC crashed. Experts are waiting to see when XRP hits $0.5.
There are also some far-fetched predictions as well regaring the price of XRP.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.