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- Ripple may release 300 million XRP
into the market.
- A large amount of XRP was sent from Binance exchange.
Ripple withdrew 1 billion XRP, then locked 700 million of it again. 300 million XRP can be released into the market!
Ripple May Release 300 Million XRP into the Market
According to blockchain data, after surprisingly unlocking 1 billion XRP from Escrow accounts on May 1st, Ripple Labs returned 70% of this amount, which is 700 million XRP. It is likely that 300 million XRP will be injected into the crypto market.
The value of the 1 billion XRP released by the company on May 1st is $470 million. Ripple has been withdrawing 1 billion XRP every month since January 2018. This is part of the company’s strategy to maintain a stable XRP supply in the market and attract financial institutions.
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Returning 700 million or 800 million XRP to Escrow is normal for the blockchain giant and also extends the duration of the XRP release program. These monthly XRP withdrawals have had no effect on the XRP price, but many people in the XRP community feared this would happen in the first few years and even started a signature campaign to persuade Ripple to stop this practice.
24 Million XRP Sent to Binance
Blockchain data shows that an anonymous whale transferred a total of 24,757,056 XRP (equivalent to $11,377,133) to leading Binance exchange wallets about an hour ago. This likely means a purchase during the dip.
According to data provided by CoinOtag, XRP, the sixth largest cryptocurrency, is currently trading at $0.4613. The price of the cryptocurrency has fallen by less than 1% in the last 24 hours.
Ripple May Release 300 Million XRP Coins into the Market! This news was first published on CoinOtag.