Ripple Withdraws One Billion XRP from Escrow, While XRP Is Back on CoinMarketCap Top 10 Scale

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Thu, 04/01/2021 - 11:17
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Yuri Molchan
DLT decacorn Ripple has traditionally moved 1,000,000,000 of its tokens from escrow on the first day of a new month
Ripple Withdraws One Billion XRP from Escrow, While XRP Is Back on CoinMarketCap Top 10 Scale
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On April 1, San Francisco-based blockchain behemoth Ripple Labs has withdrawn another billion XRP tokens from escrow, according to data from Whale Alert.

In the meantime, CoinMarketCap has returned XRP to the top 10 list of digital currencies after a brief absence.

Ripple withdraws one billion XRP

Crypto tracker Whale Alert has shared that, approximately 10 hours ago, Ripple Labs unleashed another billion XRP from escrow as it is April 1 today and such withdrawals have been taking place on the first of every month for the past few years.

The fiat equivalent of this XRP amount is roughly $575.6 million.

As a rule, Ripple puts around 800 million coins back into escrow and used the rest of the sum to cover the company's operational expenses, investing in promising projects and supporting XRP liquidity on the market.

However, Ripple Labs now has an extra category of costspaying the legal team to defend Ripple, Brad Garlinghouse and Chris Larsen in court against the U.S. securities regulator.

Even though multiple exchanges, including such giants as Coinbase, Bittrex and Binance US, have suspended XRP trading, the crypto heavyweight keeps withdrawing XRP from escrow on a regular basis.

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Ripple, Bitso and Coinbase shift 122.3 million XRP

Whale Alert also shared that other major players have also shifted a substantial aggregate amount of XRP: 122.3 million coins, worth $69,763,364.

The Coinbase giant has shifted 61,999,980 XRP between its wallets (that is $34,196,876), despite the fact that it has suspended XRP trading and has been sued for collection fees on "illegal XRP sales" by the SEC.

The Ripple giant has wired 10 billion XRP to its ODL partner in Mexico, Bitso, the largest crypto exchange in Latin America which is also spreading Ripple's On-Demand Liquidity tech around the region.

Among other participants in these transactions are major crypto platforms Binance and BitGo.

Related
Ripple CEO Waiting for Gary Gensler’s Confirmation to Have Conversation with SEC

XRP disappeared from CoinMarketCap on April Fools'

Earlier today, Twitter user and XRP fan @MackAttackXRP shared a screenshot showing that major Binance-owned crypto data aggregator CoinMarketCap had removed XRP from its top 10 scale (and top 100 too, it seems) as an April Fools' joke.

Later on, the XRP token was put back in seventh place. As of press time, XRP is trading at $0.569.

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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.

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