Ripple’s managing director: Around 350 financial institutions are now using Ripple, will it push XRP price?

Recently, several large XRP transactions have been discovered, stemming from Ripple itself and its escrow wallet. However, these transactions do not affect the XRP price. At press time, the price of XRP is still hovering around $ 0.2022.

Ripple moved almost 125 mln XRP, 100 mln of it was transferred from Ripple’s escrow storage vault

In it, for the first time, it was discovered that Ripple transferred 24.5 million XRP to BitGo. Later, Whale Alert noticed that Ripple began transferring 100 million XRP from Ripple Escrow to Ripple. Thus, a total of 124.5 million XRP, or $ 25,216,255, were circulated today.

around-350-financial-institutions-are-now-using-ripple-will-it-push-xrp-price

As a rule, Ripple opens a deposit on the first day of each month to issue 1 billion XRP in two sums of 500 million each. The XRP that Ripple takes from its escrow wallet is used for investment and charitable purposes and to increase XRP’s overall liquidity. After that, about 80% of this amount is returned to the deposit. Therefore, the transfer of 100 million today does not seem to be in the plan.

The company started putting most of the money back into deposit not too long ago.

Besides, according to XRPL Monitor, they have also recently detected multiple transfers with a total value of 92.6 million XRP – amounting to $ 18,769,363. Millions of these XRP have been deposited by major Korean exchange Bithumb, BitGo depository service, and Ripple Github Giveaway wallet.

About 350 financial institutions currently use Ripple’s payment technology, will it push XRP price?

According to Navin Gupta, Ripple’s managing director in South Asia, the Middle East, and North Africa, Ripple now has about 350 financial institutions using their technology every day.

Ripple has continued to add more customers despite the economic impact of the Covid-19 pandemic. About 13 customers out of every 13 will confirm their use of XRP in international money transfer services.

Last November, Ripple announced it had about 300 customers using its payment system to transfer money across borders. About a year ago, the company revealed that nearly 200 financial institutions had joined RippleNet. The company has set a target of reaching 400 customers by the end of 2020.

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