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Prominent blockchain sleuth Whale Alert, which regularly monitors astounding cryptocurrency transfers and then reveals the details on its X account, has spotted three mammoth crypto transactions today, carrying 1 billion XRP cumulatively.
One of them, according to Whale Alert, was definitely performed by the San Francisco-based crypto juggernaut Ripple. Contrary to its previous way of releasing 1 billion XRP every month, now Ripple does it in a brand new manner.
1 billion XRP unlocked by Ripple
The three transactions detected by the above-mentioned data source moved 200,000,000 XRP, 300,000,000 XRP and 500,000,000 XRP from escrow to unknown wallets. The largest one, carrying half a billion XRP, was marked as initiated by Ripple. However, data shared by XRPscan shows that the other two XRP chunks were released from escrow by the same entity.
As usual, the traditional monthly one-billion-XRP release was split into several transfers. The new thing here is that Ripple unleashes this staggering amount of XRP not on the first but on the third day of a new month. Another new thing here is that Ripple now locks 700,000,000 XRP in escrow before releasing 1 billion XRP, not after, as it was before.
As always, 700 million XRP is locked up on the first day of each new month, but now this money does not come from the freshly unlocked one-billion-XRP stash.
By releasing a giant amount of XRP every month, Ripple supports XRP’s liquidity in the market by selling part of it on exchanges to use the proceeds for covering its regular operational expenses. Besides, the company injects XRP into its Ripple Payments network and provides its institutional partners with additional XRP.
Ripple allegedly raises Circle acquisition bid to $20 billion, XRP army denies this rumor
Earlier this week, it was reported that Ripple offered to buy Circle, the issuer of the second-largest USD-pegged stablecoin, USDC, for $4 to $5 billion. However, the company rejected this offer, assuming that it undervalues the company.
Those news reports were followed by rumors that in an attempt to reach its goal and acquire a major rival in the stablecoin market, Ripple increased its generous offer to $20 billion, still intending to buy Circle.
However, the XRP army has found this rumor false and has been poking fun at the media that are spreading it, including CoinTelegraph.
Vladislav Sopov