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Ripple Giant Kicks Out Yet Another Billion XRP, While Coin Trades Above $1

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Tue, 06/01/2021 - 09:31
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Yuri Molchan
Ripple DLT giant has shifted another billion XRP as June 1 arrived, while the coin is still trading above the $1 level
Ripple Giant Kicks Out Yet Another Billion XRP, While Coin Trades Above $1
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The Whale Alert service that tracks large crypto transactions, including those with Ripple-affiliated XRP, has tweeted that around six hours ago, the Ripple DLT tech provider unlocked a jaw-dropping billion XRP from escrow.

Meanwhile, the sixth-ranked XRP coin has managed to remain above the crucial $1 level after falling from $1.05 earlier today.

Ripple withdraws another billion XRP, here's how much XRP escrow now holds

Fintech provider Ripple has released another billion XRP tokens as the first day of a new month arrived.

This is the equivalent of $1.05 billion in fiat. This massive amount of crypto was released in two transactions.

As a rule, the small part of the released amount remains on Ripple's balance and is then sent to crypto exchanges to be sold, transferred to Ripple's customers and partners or is used to cover the company's operational expenses.

Eight hundred million of the unlocked billion usually goes back into escrow.

According to Ripple's website, the total amount of XRP held by the company at the moment is 6,146,821,918 coins.

The total amount of XRP distributed is 46,143,602,688. That is approximately one billion less than the overall number of XRP coins held in escrow: 47,700,000,013.

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Related
XRP Surpasses $1 as Other Large-Caps Lagging

61 million XRP moved by BitGo and top crypto exchanges

Prior to the aforementioned massive XRP movements, Whale Alert detected several other XRP transactions, valued at 61 million XRP.

These four transfers were made by top-tier exchanges Bittrex, Binance and Bitstamp and the second-largest crypto custodian wallet BitGo, which Mike Novogratz's Galaxy Digital has already arranged to buy later this year.

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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.