Analysis

1 Billion XRP Unlocked As Ripple Circulates More Coins

Follow crypto tracking service Whale AlertSan Francisco-based Ripple Tech Decacorn just unlocked 1 billion XRP — a whopping amount.

Programmatic XRP issuances have regularly taken place on the first day of a new month since 2017.

1 billion more XRP

In February, Ripple withdrew 1 billion XRP from the escrow and split it into two parts of 500 million coins each.

A few hours after the release, Ripple typically locks 800-900 million unlocked XRP back into escrow, uses the remaining 200 million to cover operational costs, and sends them to companies and banks they are interested in. partner system or sends them to the exchange. Thus, they are essentially adding more XRP to the amount currently in circulation. However, this does not have a negative effect on the price.

When the tech giant started releasing XRP programmatically in 2017, the plan was to circulate 55 billion, so Ripple will likely stop releasing the coin sometime this year.

Ripple sends 20 million into the ODL corridor

Almost 9 hours ago, Whale Alert spotted a much smaller XRP transfer made by Ripple through one of their wallets, RL18-VN.

The source: Whale Alert

20 million coins were transferred from the tech giant to the Philippine exchange Coins.ph. The platform is part of an on-demand payments (ODL) corridor launched last year by Ripple partner SBI Group in Japan and subsidiary SBI Remit in the Philippines.

The above exchange is your partner in this remittance project. However, Ripple has previously used the exchange to transfer money via ODL and XRP as a bridge currency for the local peso.

At the time of writing, XRP is ranked 8th in terms of market cap, trading at $0.622, a gain of almost 5%.

XRP price 4 hour chart | Source: Trade View

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.