Main navigation

Ripple Unlocks 1 Billion XRP As Coin Trades in $0.43 Range

News
Mon, 03/01/2021 - 11:56
article image
Yuri Molchan
Ripple fintech giant has again unleashed a whopping one billion XRP from escrow, despite all the recent turmoil with the SEC lawsuit
Ripple Unlocks 1 Billion XRP As Coin Trades in $0.43 Range
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Following its monthly tradition, on March 1, blockchain behemoth Ripple let a staggering one billion XRP tokens out of escrow, as reported by Whale Alert crypto tracker.

Meanwhile, the XRP token has remained around the $0.43 price line for a week already.

Another billion XRP out of escrow

Earlier today, Ripple fintech monster has unleashed a billion XRP in two transactions carrying 500 million coins each.

This event occurs every first day of the month: Ripple automatically unlocks $415,018,398 worth of XRP to support the market liquidity of the coin by sending it to crypto exchanges and perhaps sending some to its regular customers.

XRP_6611_9870
Image via Twitter

XRP trading in the $0.43 range

These regular releases of XRP have proved to have zero impact on the price of the coin. The SEC lawsuit has been much more influential in this respect as the coin has been unable to recover to its earlier high of $0.78 reached on Feb. 1.

XRP has been trading in a range near the $0.43 level for about a week now.

Related
Ripple Partner SoftBank Supports Chinese ZT Crypto Exchange with Multi-Million USD Sum

MoneyGram is struggling without Ripple's cash

As reported by U.Today earlier, on Friday it became known that after suspending its partnership with Ripple, MoneyGram remittance giant has been struggling to find another source of financial inflows that could replace the blockchain decacorn helmed by Brad Garlinghouse.

Last week, MoneyGram also collapsed about 40 percent. The company announced that it would suspend collaboration with Ripple on Jan. 22.

However, JMP Securities' David Scharf believes that this cooperation is nothing more than a marketing gimmick; Ripple was allegedly simply paying MoneyGram to use its On-Demand Liquidity (ODL) product for cross-border cash transfers.

article image
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.