Over $1.05 billion worth of XRP worth 1 billion Ripples are released, leading to a 20% surge in XRP
A billion XRP tokens were released to the general public yesterday, making Ripple the sixth most valuable crypto by market value.
Although the price of XRP has continued to soar in recent days, the blockchain company unlocked 1 billion XRP from its escrow wallet just a couple of hours ago.
In a real-time XRP transaction, Ripple, the blockchain company, unlocked a massive 1 billion XRP equivalent to over $1 billion, according to data from Whale Alert’s crypto-analytic tracker.
Ripple is being bought by investors around the world following reports that a US court has denied access to its legal communications under the attorney-client privilege.
According to XRP’s price at the time of press, it was trading at $1.09, with a daily gain of about 20%, on Binanco. In the past week, it had recorded the largest percentage gain daily.
The XRP tokens that are being released will now be accessible to more investors in the Ripple network, thereby increasing liquidity.
Over the years, Ripple has used its monthly escrow accounts to hold back 1 billion XRP for use in financing its operations and business investments, while the rest is used for financing its venture ventures.
A currency and a payment platform go hand-in-hand with Ripple (XRP). Platforms such as this one were designed to enable fast and secure transactions.
As a result of the huge gain, XRP’s market value reached roughly $50 billion or close to three percent of the total cryptocurrency market capitalization.
Ripple remains optimistic despite the legal squabble with the Securities and Exchange Commission, as its leaders intend to take the company public after it settles with the SEC.