As 2022 started, Ripple released another billion XRP as part of its regular programmed fund transfers

According to some reports, on January 1, 2022, Ripple released one billion XRP. This move comes amid Ripple’s native token is changing hands at $0.8452.

as-2022-started-ripple-released-another-billion-xrp-as-part-of-its-regular-programmed-fund-transfers

XRP/USD 4-hour chart | Source: TradingView

Ripple unlocks one billion XRP

This is a routine action conducted on the first day of each month. Over the past few years, these releases have been made in two transactions, each carrying 500 million coins.

These escrow issuances are programmed and therefore have been done automatically since 2017. The plan is to move 55 billion XRP from escrow, so these monthly transfers are likely to end this year. As a rule, Ripple then puts back 800 million or 900 million in escrow, using the rest to cover its operating costs, to send to customers and other financial institutions, as well as to support the calculation of funds. liquidity of the coin by sending XRP to crypto exchanges.

as-2022-started-ripple-released-another-billion-xrp-as-part-of-its-regular-programmed-fund-transfers

Source: Whale Alert

Altogether, 1 billion XRP issued equates to a whopping $835,140,718 in fiat. When these escrow issuances only started 4 years ago, many in the XRP community feared that they would push down the price and even started a petition on Change.org to claim ask Ripple to stop unlocking coins. However, overtime is clearly what is released without affecting the price.

Whale Alert also detected two XRP transfers, each transferring twenty million coins. The first was done by Ripple for its ODL platform in the Philippines – the Coins.ph exchange – through one of its side wallets. That one is typically used to send XRP to external wallets.

With the second transfer, US-based exchange Bittrex transferred twenty million XRP to the Bitstamp exchange – Ripple’s ODL venue in Europe.

In addition, on December 31st, a block of 177,149,680 XRP (worth $149,186,270) was sent between its wallets by Bitstamp between its wallets as is clear from data provided by XRP analytics platform Bithomp.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS