Ripple has extracted 1 billion XRP from its escrow wallet and injected it into the market. Nearly half a million XRPs took action in Chris Larsen and Ripple’s Genesis wallets as XRP price tried to hold above $ 0.60.
Ripple pulled out XRP from its escrow wallet earlier today, as it usually does earlier in the month. The amount of XRP released has reached one billion. Apart from that, Ripple’s former CEO Chris Larsen has also carried almost half a million XRP.
In total, Ripple has transferred 1.5 billion XRP worth about $ 930 million. Meanwhile, XRP price is struggling to maintain its rise in recent weeks. The XRP price, which has risen 2% in the last 24 hours, remains above the critical $ 0.60 level, hovering around $ 0.63.
Ripple unlocks 1 billion XRP
Blockchain and fintech giant Ripple transferred a total of 1 billion XRP from two of its escrow wallets on December 1, according to Whale Alert. 500 million XRPs were moved from each of the Escrow wallets.
Ripple company has been continuing this routine since 2017. Previously, on the first day of each month, 800 million XRP were sent back to be locked into escrow wallets. The total number of XRPs in these escrow wallets has exceeded 48 billion, with 1 billion XRP unlocked today. According to the data released by Ripple, the total amount of XRP currently held by the company exceeds 6.3 billion.
Huge XRP transfers made, Ripple base uneasy
According to Whale Alert data, 1 billion XRP was unlocked, while Chris Larsen and Ripple’s Genesis also made astonishing amounts of transfers. Ripple’s former CEO and current chairman Chris Larsen has transferred approximately 225 million XRP from his personal wallet in a total of 4 transactions. Ripple’s Genesis Wallet, one of the 100 wallets that emerged in the establishment of the company, also carried out 2 transactions, each carrying 116 million and 102 million XRP.
While these handoff movements in XRP disturbed some of the Ripple base, the other part emphasized that removing XRP from the escrow wallet is already routine and normal. Some investors are “dumping” for XRP under Whale Alert posts? He made comments. However, these early unlocking and transfer developments in the early hours of the day do not appear to have greatly affected the price of XRP for now. While Ripple price still maintains its value of $ 0.63, XRP is still the third most valuable cryptocurrency with a market cap of over $ 28.7 billion.