Ripple releases 1 billion XRP from Escrow

[Magician]

Ripple’s native cryptocurrency, XRP has witnessed an increase in its trading volume along with other digital currencies. The third largest cryptocurrency by market cap was trading at a valuation of $0.43, at press time, exhibiting a rise of 3.42% over the last 24-hours.

In the latest notification posted by the ever-observant Twitter user called Whale Alert, a total of 1,000,000,000 XRP [equivalent to $435,891,000] was sent into the market from escrow at Ripple Escrow wallet. The timestamp of the transaction was Sat, 01 Jun 2019 00:00:10 UTC with the hash rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK.

The cryptocurrency data aggregation website posted,

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (435,890,999 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/n1Ro2zV1kp

— Whale Alert (@whale_alert) June 1, 2019

Source: Whale Alert|Twitter

A monthly ritual for Ripple, the new batch of XRP released from its escrow would be used for multiple projects, which also includes scaling up processes within the Ripple ecosystem. According to the original report published by the company, the unused coins that return to escrow would go back to the first slot of the escrow queue.

The report also detailed,

“If an escrow is successfully finished, it delivers the XRP held to its destination account. If the escrow is canceled, it delivers the XRP back to the source account.”

Several crypto-enthusiasts in the space believe that the Brad Garlinghouse-led firm has taken wise steps in the direction of making its niche in the global payment industry.

However, despite having significant partnerships and developments under its hood, XRP was performing poorly this year. It was reported that XRP posted gains amounting to a little over 30% in 2019.

Despite criticisms, researchers of one of the leading cryptocurrency exchanges, Binance, stated that XRP “offers a healthy dose of diversity among all the major cryptocurrencies”.

Source