Ripple Unlocks 1 Billion XRP as Anonymous Wallets Move Over 200 Million XRP

Ripple releases another billion XRP from lockup, while anonymous wallets and exchanges have transferred over 200 million XRP currencies.

Ripple withdrew another one billion XRP chunk from escrow around nine hours ago, continuing its normal scheduled timetable of releasing 55 billion XRP since 2017.

As the first day of each month approaches, the Ripple fintech heavyweight has released one billion XRP tokens from escrow, according to Whale Alert. However, the majority of this cryptocurrency will be locked back in.

Approximately 200 million XRP will be added to the circulation supply of this Ripple-affiliated coin.

The XRP was distributed in two batches of 500 million XRP each; the total amount in crypto is roughly $780,000,000.

When these huge XRP releases began, several participants of the XRP Army were concerned that they would keep the token’s price low. A petition has been established on Change.org to encourage Ripple to halt those frequent crypto transfers. However, as time passed, it became clear that Ripple Labs’ activities had no effect on the price.

Whale Alert also reported that a total of 222,000,000 XRP were moved via multiple wallets labeled as “unknown” by the crypto tracker, as well as many crypto exchanges.

However, statistics provided by Bithomp XRP-centered data aggregator suggest that these unknown wallets are also associated with that crypto exchange. As a result, the highest transaction here, 152,027,860 XRP, was made internally by Binance. This amount in XRP is equivalent to  $118,621,930.

Bittrex, Bitso, and Bithumb completed smaller transactions. They shifted 70 million coins in total, including 20 million, 20 million, 13 million, and 17 million XRP.

Meanwhile, the cryptocurrency market has performed a U-turn and entered the green zone, with most of the top 100 cryptos increasing in response to the Bitcoin price increase that began yesterday and continues today.

On Monday, the flagship cryptocurrency reached the $40,000 mark, and today it climbed higher to briefly exceed $44,000 before pulling back somewhat.

According to CoinMarketCap, the Ripple-affiliated cryptocurrency XRP is trading at $0.7707, up 6.43% in the last 24 hours and over 12% in the last seven days.

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Patrick

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