Ripple Unleashes 1 Bln XRP from Under Lock as First Day of New Month Arrives

News
Mon, 06/01/2020 - 08:19
Yuri Molchan
The first day of another month is here and Ripple has done what many both inside and outside the XRP community criticize it for – unfreezing a billion XRP
Cover image via stock.adobe.com
Contents

Whale Alert has kindly reported that Ripple has unlocked another gargantuan stash of XRP from escrow – one billion.

Another billion XRP unleashed

The San-Francisco-headquartered blockchain decacorn has regularly been releasing one billion XRP for a few years now.

Since early this year, this transaction was split into two consecutive transactions, each bearing 500 mln XRP.

Image via Twitter, @whale_alert

In a series of tweets in late 2019, the head of Ripple Brad Garlinghouse addressed the issue of Ripple allegedly dumping XRP on its investors, thus preventing the coin’s price from surging.

Garlinghouse stated that those monthly XRP releases and other multiple cases of the company making investments or donations to charities in XRP are meant to enhance the coin’s liquidity.

Besides, ninety percent of the billion XRP released each month, as a rule, goes back into escrow the very same day.

Related
Ripple CEO Brad Garlinghouse Encourages U.S. Regulators to Embrace Crypto Industry

XRP fans stand up to the critics

Still, in the comments under the Whale Alert posts, the majority are cursing Ripple and XRP, calling on investors not to buy it.

XRP enthusiasts point out that critics are ignorant of the subject of the discussion and say that people shouldn't be surprised anymore at this monthly release of XRP.

Image via Twiitter, @whale_alert

None of them, however, nor any high-positioned Ripple representatives, have publicly explained these mammoth-sized amounts of XRP that are released and returned to escrow.

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About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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