Ripple Decacorn Releases 1 Bln XRP from Escrow, Locks Most of It Back in

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Mon, 11/02/2020 - 09:27
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Yuri Molchan
Ripple fintech behemoth unleashed 1 bln XRP from escrow and shifted 58.6 mln XRP to its internal wallets and BitGo
Ripple Decacorn Releases 1 Bln XRP from Escrow, Locks Most of It Back in
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In the last 12 hours, Ripple has unlocked a jaw-dropping one billion XRP from escrow, according to tweets by Whale Alert.

A total of 800 mln XRP was returned after the release. Besides, XRP tracking service XRPL Monitor has reported that Ripple wired 58.6 mln, sending part of this sum to BitGo.

XRP
Image via Twitter

Ripple unleashes another bln XRP, coin's exchange rate unaffected

Blockchain decacorn Ripple has unlocked another billion XRP, which it has been doing on the first day of every month for a few years now. This amounts to $239.5 mln.

Soon after that, as is its wont, Ripple sent almost all of this gargantuan amount of XRP to be locked back in800 mln, keeping 200 mln XRP to cover its current needs.

Contrary to past fears of the community, the monthly unlocking of this billion XRP does not impact the price either negatively or positively.

At press time, the fourth largest currency, XRP, is sitting at $0.237667. The coin has been trading in this range since Sept. 7, unable to break above the $0.30 mark so far.

However, this year XRP has already creeped above $0.30 a few times, according to data from CoinMarketCap.

That was on Feb. 15 ($0.33), August 4 ($0.31) and Aug. 17 ($0.32).

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Ripple shifts 58.6 mln XRP, BitGo involved

Apart from the aforementioned release of one billion XRP, Ripple has shifted almost 60 mln XRP over the past 13 hours.

The crypto tracking bot noted three lumps of XRP transacted consecutively, two worth 19.3 mln XRP each and one worth 20 mln.

The first lump was wired to BitGo, a wallet and custodial service that works with institutional investors and stores XRP for Ripple.

The rest was moved between Ripple's internal wallets.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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