Ripple Unleashes One Bln XRP – ‘It’s That Day of the Month’

News
Mon, 03/02/2020 - 10:43
Yuri Molchan
On March 1 Ripple moved 1,000,000,000 XRP in small parts from escrow; now the community is guessing whether this will push the coin’s price down
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Contents

On Sunday, March 1, following recent tradition, Ripple released one bln XRP from its escrow storage space. Three consecutive transactions of 500 mln, 400 mln and 100 mln XRP. The total amount of crypto totals around 230 mln USD. The data comes from Whale Alert.

Image via Twitter

Why Ripple unfreezes giant XRP amounts

The funds released from Ripple’s escrow wallet can be used either for investing, charity or the current needs of the company. In a series of tweets last year, when Brad Garlinghouse addressed criticism against Ripple on that issue, he stated that the company uses XRP for increasing the coin’s liquidity.

Also, in an interview in 2019, the CEO assured the community that Ripple was not interested in pushing the XRP price down.

Columnist and crypto analyst, Joseph Young, believes that there is no connection between the mammoth-sized amounts of XRP being released from Ripple’s escrow every month and the coin’s price staying in the lows.

Later on, Whale Alert showed that 900 mln XRP was sent back to escrow.

Image via Twitter

Related
XRP Community Discussing Ripple’s Typo about Having +450 Customers

Luke Martin cites Financial Times' bashing of XRP sales

Crypto trader and analyst Luke Martin has cited Brad Garlinghouse from a recent Financial Times article in a tweet. The article pours heavy criticism on blockchain giant Ripple and its regular XRP sales.

The trading expert points out that Ripple would have become a loss-making enterprise if it had not been for constantly selling XRP.

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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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