Ripple (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.
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