Ripple pulled 1 billion XRP out of its collateral portfolio and injected it into the market. Nearly half a million XRP went into action in Chris Larsen and Ripple’s Genesis portfolios as XRP’s price tried to stay above $ 0.60.
Ripple withdrew XRP from its collateral portfolio earlier today, as it usually does earlier this month. The amount of XRP released has reached one billion. Aside from that, former Ripple CEO Chris Larsen also brought in nearly half a million XRPs.
In total, Ripple has transferred 1.5 billion XRP worth around $ 930 million. Meanwhile, XRP’s price has been struggling to maintain its rise in the past few weeks. The XRP price, which has risen 2% in the past 24 hours, remains above the critical $ 0.60 level, hovering around $ 0.63.
Ripple unlocks 1 billion XRP
Blockchain and fintech giant Ripple transferred a total of 1 billion XRP from two of its collateral portfolios on December 1, according to Whale Alert. 500 million XRPs have been moved from each of the Escrow wallets.
The Ripple company has continued this routine since 2017. Previously, on the first day of each month, 800 million XRPs were sent back to be locked in escrow wallets. The total number of XRPs in these escrow portfolios exceeded 48 billion, with 1 billion XRP unlocked today. According to data released by Ripple, the total amount of XRP currently held by the company exceeds 6.3 billion.
Huge XRP transfers made, Ripple base uncomfortable
According to Whale Alert data, 1 billion XRP has been unlocked, while Chris Larsen and Ripple’s Genesis have also made astonishing amounts of transfers. Former CEO and current president of Ripple Chris Larsen transferred approximately 225 million XRPs from his personal wallet for a total of 4 transactions. Ripple’s Genesis Wallet, one of 100 wallets that emerged in the company’s incorporation, also carried out 2 transactions, each with 116 million and 102 million XRPs.
While these transfer movements in XRP disturbed part of Ripple’s base, the other party pointed out that removing XRP from the escrow wallet is already routine and normal. Are some investors “downloading” for XRP under Whale Alert posts? He made comments. However, these early unlocking and transfer developments in the early hours of the day don’t seem to have affected the price of XRP much for now. While Ripple’s price still holds its value at $ 0.63, XRP is still the third most valuable cryptocurrency with a market cap of over $ 28.7 billion.