One billion XRP tokens, which are only released on the first of every month, were released by San Francisco-based blockchain service firm Ripple.
In the meanwhile, whales have moved 180 million XRP across the biggest cryptocurrency exchanges, moving close to 500 million in total.
Ripple removes 1 billion XRP
According to the on-chain monitoring portal Whale Alert, which monitors significant cryptocurrency transactions, the fintech company Ripple withdrew a billion XRP from escrow earlier today, on September 1.
Three transactions yielding 500,000,000, 200,000,000, and 300,000,000 XRP each were used to extract this enormous quantity of cryptocurrency.
Since 2018, Ripple has begun releasing these substantial chunks of XRP in order to support the token’s liquidity. Only between 100 to 200 million XRP tokens typically enter circulation, with the remaining tokens being placed back into escrow.
On its website, Ripple stated that it intended to release 55 escrows, taking 55 billion XRP with them. Therefore, these operations ought to have been stopped earlier this year.
But every month on the first, Ripple continues to issue one billion tokens. At the present exchange rate, one billion XRP is worth $237,000,000.
Whale Alert also revealed multiple transactions made by whales as they moved sizable quantities of the seventh-ranked token, XRP, between significant cryptocurrency exchanges. These trading platforms moved 404.6 million XRP in total. Here, a staggering 180,000,000 XRP were transferred in the single greatest transaction.
The remaining deals moved 74.6 million, 50 million, 40 million, and 60 million dollars. With the assistance of exchanges like Binance, Bittrex, Bitso, and Bitstamp, these tokens were relocated.
XRP is traded while Bitcoin and Ethereum experience sharp declines
Since the coin’s price dipped into the $0.03 region and has remained there for the past month, Whale Alert has frequently reported seeing significant movements of XRP.
A recent Bitcoin decline has caused the entire cryptocurrency market to float in the negative territory. The most popular cryptocurrency is currently trading below the $20,000 mark, and Ethereum has fallen to $1,556. At $0.3251, XRP is currently down more than 6% over the last week.
The all-time high of $20,000 for bitcoin, reached in December 2017, has been surpassed.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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