It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.
Ripple releases 1 bln XRP from escrow
While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.
In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.
Another mammoth-sized XRP dump?
Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.
It's the year 2040.$XRP is still -80% of the 2017 ATH.— Crypto Michaël (@CryptoMichNL) March 31, 2020
And you are still holding it.
As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.
Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.
900 mln XRP locked back in escrow
Later on, Whale Alert reported that 900 mln XRP was sent back to Ripple escrow. However, 100 mln coins remained at Ripple.
This works the same way every month, on the first day of it – Ripple first releases one billion XRP and then sends 900 mln back.