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Ripple (XRP), which is now the third most valuable crypto asset by market capitalization, recently unlocked 1 billion XRP, worth over $ 240 million, from an escrow account.
Whale Alert, an advanced crypto tracker, monitored this movement, revealing that it occurred in two different 500 million XRP transactions, in real time.
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🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (121,354,837 USD) unlocked from the commitment on the Ripple Escrow wallet
Tx: https://t.co/ETwDnqXCZW
– Whale Alert (@whale_alert) 1 October 2020
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (121,331,788 USD) unlocked from the commitment on the Ripple Escrow wallet
Tx: https://t.co/RVzcuVd39S
– Whale Alert (@whale_alert) 1 October 2020
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It then established a plan to release approximately 1 billion monthly XRPs for sale to be used as financing for its operations and to invest in startups of interest, with the remainder held in escrow accounts.
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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Ripple’s concept calls for the release of 1 billion XRP per month to sell to finance the maintenance of its payment platform and to invest in aspiring startups.
What you should know: Ripple is a privately held fintech company that provides a global payment solution via its proprietary payment network called Ripple Network (also known as RippleNet).
- XRP is the digital token that has a circulating supply of 45 billion coins and a maximum supply of 100 billion coins.
- XRP still remains the only cryptocurrency that is gaining ground among global banks as Japan-based financial group Mitsubishi UFJ with assets of over $ 2.8 trillion announced in November 2018 that, in partnership with Ripple , allegedly provided an international money transfer service on the payment corridor from Japan to Brazil
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Other leading global banks using Ripple include European banking giant, HSBC Holdings Plc, with assets of around $ 2.5 trillion, which revealed in 2019 that it would use the XRP payment solution.
The unique advantages of XRP over Bitcoin include the following;
- 1.XRP is x1000 faster than $ BTC (3-4 seconds)
- 2.XRP is x1000 less than $ BTC (> $ 0.01)
- 3.XRP is better for the environment (no mining)
- 4.XRP is more scalable
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