NewsletterRipple (XRP) Steady Even As 1 Bln Tokens Leave Escrow, Here’s Why
Ripple’s XRP token has been trading under uncertain pressure for a long time due to its ongoing lawsuit with SEC. However, it has managed to stay on the tally of the top 10 biggest cryptocurrencies in the market. Meanwhile, Ripple has released another batch of XRP tokens in its programmed schedule release.
XRP total supply stands at 48.34 billion
The blockchain company released 1 billion XRP in two different transactions for its escrow wallet. According to Whale Alert, $423 million worth of tokens has been unlocked from escrow at Ripple Escrow wallet. The XRP token is trading at an average price of $0.417, at the press time. XRP token prices are down by 2% in the last 24 hours.
Ripple has locked 55 billion XRP tokens which makes 55% of its total supply in the series of escrows. This action was taken in order to provide additional predictability to the token supply. The firm mentioned that these escrows are on the ledger itself. The same ledger mechanics are designed to control the release of the XRP.
Escrow is releasing a total of one billion XRP each month in 55 installments. The firm also mentioned that they changed their account security model. However, the number of tokens released in circulation will not vary to the exact number. In fact, the Ripple locks back large a huge portion of the supply. Meanwhile, the XRP has a total live supply of 48.34 billion tokens.
Whales add $73 mln worth of XRP
According to Whale Alert, over $73 million worth of the XRP tokens were bought in multiple transactions in the last 24 hours. In three different transactions over 175 million were from multiple exchanges. Meanwhile, 120 million XRP (approx worth $50.1 million) were transferred from some unknown whale wallet to another.
The XRP token’s growth has become a matter of doubt as its lawsuit with SEC has seen multiple delays. token’s price has dropped by over 32% in the last 30 days. Recently, the Cardano (ADA) overtook the XRP to become the sixth largest cryptocurrency.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Why is the Crypto Market Down Today? BTC, ETH, XRP Lead Drop
- SEC Crypto Task Force Hosts Financial Privacy Roundtable Today: What to Expect
- Breaking: Kevin Warsh Now Favorite to Replace Powell After Hassett’s Fed Chair Bid Faces Pushback
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
