Ripple Unlocks 1 Billion XRP From Escrow Wallet To Fund its Operations

Ripple has decided to move 1 billion XRP coins from its escrow wallet. The goal is to have the necessary money to fund Ripple Labs’ expansion and plans for the market. XRP remained stable despite the large movement of funds.

  • XRP unlocks 1 billion XRP from its escrow account
  • The goal is to fund its operations and expansion in the market

Ripple, one of the most popular companies in the cryptocurrency space, have unlocked 1 billion XRP coins from their escrow accounts. The information was released by Whale Alert on Twitter on May 31st. Ripple controls over 50% of the XRP supply and releases funds every single month to the market aiming at funding its operations.

Ripple Moves 1 Billion XRP

According to Whale Alert, 1,000,000,000 XRP have been unlocked from Escrow wallet. These funds were equivalent to $435,890,999 USD. Ripple performed this transaction on Saturday, June 1st at 00:00:10 UC. The has was rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK.

The goal is to fund different projects, including scaling up processes within the Ripple ecosystem. Moreover, it would also be possible for Ripple (XRP) to continue expanding its projects such as xRapid and their negotiations with other banks and firms around the world that would like to start using Ripple’s technology.

All the coins that will not be used will be returned to escrow. The report released by the company says that if an escrow is successfully finished, it delivers the XRP held to its destination account. Meanwhile, if it is cancelled, it delivers the XRP back to the source account.

At the moment, Ripple is dealing with increased competition from other companies, including JP Morgan Chase with the new JPM Coin, and Facebook, with the so-called GlobalCoin. JP Morgan wants to help clients by making payments and transactions among clients faster and cheaper. Meanwhile, Facebook wants to help individuals process daily payments and transactions with its GlobalCoin, that is expected to be released next year.

At the time of writing this article, XRP is the third largest cryptocurrency in the market, according to CoinMarketCap. The virtual currency is currently being traded around $0.43389 and it has a market capitalization of $18.30 billion. In the last 24 hours, XRP lost 0.2% of its price.

XRP’s price is $0.25 XRP/USD exchange rate today. The real-time XRP market cap of $10.67 Billion currently ranks #4 with , daily trading volume of $186.84 Million and live coin value change of XRP 2.46 in the last 24 hours.

Live Ripple (XRP) Price:

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.0061

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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