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Fast growing cryptocurrency and currently the third most valuable by market value, it unlocked 1 billion XRP worth around $ 662 million from an escrow account a few hours ago.
Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real time.
Ripple has opened 500,000,000 XRP (331,666,216 USD) from escrow to the Ripple Escrow wallet.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (331,666,216 USD) unlocked from the commitment on the Ripple Escrow wallet
Tx: https://t.co/qUUlgS9qkC
– Whale Alert (@whale_alert) December 1, 2020
It also opened another 500,000,000 XRP (USD 330,070,551) from escrow to the Ripple Escrow wallet.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (330,070,551 USD) unlocked from the commitment on the Ripple Escrow wallet
Tx: https://t.co/75A1LzNnv4
– Whale Alert (@whale_alert) December 1, 2020
Ripple had previously set up a strategy where it released 1 billion monthly XRPs for sale, for the purpose of funding its business operations and investing in interest-based startups, with the remainder held in escrow accounts.
What you should know
Ripple (XRP) plays the dual role of a payment and currency platform. It is an open source platform built to enable quick and cheap transactions.
- Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered and Barclays for international transactions around the world.
- It is following in the footsteps of its arch rival and traditional bank payment system, SWIFT, with its rapidly growing payment network, better known as Ripplenet.
What does it mean
In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRPs.
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