Ripple traditionally moved 1,000,000,000 of XRP from escrow on the first day of a new month, price is up to 3% in the last 24 hour
On April 1, Ripple withdrew another billion XRP tokens from escrow. Besides, CoinMarketCap returned XRP to the top 10 list of cryptocurrencies after a brief absence.
Ripple withdraws one billion XRP
Approximately 10 hours ago, Ripple unleashed another billion XRP from escrow as it is April 1 today and such withdrawals have been taking place on the first of every month for the past few years. The fiat equivalent of this XRP amount is roughly $575.6 million.
Ripple puts around 800 million tokens back into escrow and used the rest of the sum to cover the company’s operational expenses, investing in promising projects and supporting XRP liquidity on the market.
However, Ripple Labs now has an extra category of costs—paying the legal team to defend Ripple, Brad Garlinghouse, and Chris Larsen in court against the U.S. securities regulator. Even though multiple exchanges, including such giants as Coinbase, Bittrex, and Binance US, have suspended XRP trading, the crypto heavyweight keeps withdrawing XRP from escrow regularly.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (287,790,398 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/m7b5Jp9uYy
— Whale Alert (@whale_alert) April 1, 2021
Whale Alert also shared that other major players have also shifted a substantial aggregate amount of XRP: 122.3 million coins, worth $69,763,364.
The Coinbase giant has shifted 61,999,980 XRP between its wallets, even though it has suspended XRP trading and has been sued for collection fees on illegal XRP sales by the SEC. The Ripple giant has wired 10 billion XRP to its ODL partner in Mexico, Bitso, the largest crypto exchange in Latin America which is also spreading Ripple’s On-Demand Liquidity tech around the region.
Earlier today, Twitter user and XRP fan @MackAttackXRP shared a screenshot showing that major Binance-owned crypto data aggregator CoinMarketCap had removed XRP from its top 10 scales (and top 100 too, it seems) as an April Fools’ joke.
Fortunately, I only have a list myself #XRP pic.twitter.com/aPy0Q0IsWf
— ?? MackAttack XRP ?? (@MackAttackXRP) April 1, 2021
Later on, the XRP token was put back in seventh place. As of press time, XRP is trading at $0.569. XRP has slowly been rising throughout March as it continues to recover from the end-of-year disaster seen during December 2020 when it dropped by a total of 70% reaching as low as $0.2. Since this low at the start of the year, XRP has increased by a total of 185% as the buyers attempt a recovery back toward the December 2020 highs around $0.7.
You can see the XRP price here.
Read more:
- Ripple Is Attempting To Obscure Critical Facts That Are Relevant To The Lawsuit With SEC
- Holders Of Ripple’s XRP Token Will Be Able To Intervene In The Legal Battle Between The Company And The SEC