Main navigation

Ripple Unlocks 1 Billion XRP, While Exchanges Move 70 Million XRP

News
Sat, 05/01/2021 - 08:17
article image
Yuri Molchan
Another billion XRP is out of Ripple escrow, meanwhile crypto exchanges have shifted 70 million XRP coins together with the fintech giant
Ripple Unlocks 1 Billion XRP, While Exchanges Move 70 Million XRP
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Today, on May 1, Ripple DLT decacorn has unlocked another billion of XRP tokens.

Ripple kicks out another billion XRP

The release was made in two transfers, 500 million coins each. It is executed on the first day of each month, has been for several years already.

At the current XRP price of $1.57, this constitutes a whopping $1.6 billion.

The goal is to support the liquidity of the token on crypto exchanges, send some to Ripple’s partners and customers and use XRP for covering the company’s current operational expenses.

However, the majority of the released coins, around 80%-90%, is usually locked back later the same day.

Unlike fears of some in the community in the past, these programmed XRP withdrawals from escrow do not impact the coin’s price.

7409_0
Image via Twitter

Related
BNB Prints New All-Time High of $641, Here’s Why

Ripple helps crypto exchanges move 70 million XRP

According to the recent tweets posted by Whale Alert blockchain tracker, in the past ten hours, 69.7 million XRP has been transferred by Ripple and several major crypto exchanges.

Platforms that have taken part in these transfers are Bittrex, Huobi, Upbit, Bitstamp and BtcTurk (one of the leading digital exchanges in Turkey).

From these transactions, Ripple pushed another 7.6 million XRP to the Huobi exchange and moved 10 million XRP to Bitstamp.

The latter operates as one of Ripple’s ODL corridors and is located in Luxembourg, EU.

7409_1
Image via Twitter
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.