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Ripple Withdraws 1 Billion XRP from Escrow, Then Helps Shift 114.2 Million XRP

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Fri, 10/01/2021 - 08:15
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Yuri Molchan
San Francisco fintech giant has unlocked another billion XRP on the first day of the new month
Ripple Withdraws 1 Billion XRP from Escrow, Then Helps Shift 114.2 Million XRP
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As the first day of another month arrives, Ripple distributed ledger tech provider has unlocked a whopping one billion XRP from its escrow account over the past six hours, according to Whale Alert.

Besides, it has participated in transferring 114.2 million XRP, moving more than half of this amount.

One billion XRP released, here's how much XRP Ripple holds now

On Oct. 1, the blockchain behemoth from San Francisco shoveled another ultra-huge XRP amount from escrow: one billion, worth slightly over $948 million in fiat. The release was made in two transactions, each bearing 500,000,000.

This is a regular operation that has been programmed by Ripple to take place automatically since 2017. These regular monthly releases were initially planned to take 55 months, meaning that the company would stop unlocking funds from escrow in 2022.

As a rule, after a billion XRP are let out, 800-900 million are locked back in escrow since Ripple does not seem to need so many funds released. The rest is used for supporting XRP's liquidity and is sent to crypto exchanges or to the company's customers and partners (global financial institutions).

According to Ripple's website, at the moment the overall amount held by the company totals 5,939,797,396. The total amount placed in escrow is 47,300,000,013 XRP, and 46,750,439,262 XRP have been distributed by Ripple as of Sept. 19 of this year.

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Ripple participates in moving 114.2 million XRP

Also, as reported by Whale Alert, Ripple has made three transactions, carrying 20 million XRP each, in the past 16 hours. The funds were moved to its alternative crypto addresses, RL18-VN and RL43-EE.

Aside from Ripple, two anonymous wallets, r3Bh5FiThmU8weL5pvJxFETi1aSNy2fX4V and rKh2T58XNDMSE4DWsXDhzF6VGa6eZzaBRv, have transacted 54,270,104 XRP (the equivalent of $51,844,630).

The fiat value of 60,000,000 XRP moved by Ripple is almost $60,000,000.

The sixth-largest cryptocurrency, XRP, is changing hands at the $0.9572 level, according to data provided by the CoinMarketCap site.

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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.