Data from the XRP blockchain noted by monitoring resource Whale Alert on March . 1 confirmed two transactions of 1.000,000,000 tokens worth over $230 million left Ripple’s escrow the same day.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (115,933,402 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2020
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (115,933,402 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) March 1, 2020
The move is the latest in a series of planned releases, which Ripple has scheduled to occur on the first of each month for 55 months.
Its aim is to provide incentives for market makers, with Ripple nonetheless remaining in control of the newly-released tokens.
Following the release, Ripple CEO Brad Garlinghouse reiterated that company executives do not influence the XRP supply. He added that the company will take the necessary steps to ensure that other entities do not acquire too much XRP to influence its price.
One month ago, Garlinghouse hinted that there is a possibility of an initial public offering (IPO) in the future but experts have warned against the move, claiming that it could ‘kill the speculative nature of the token.’
The chaos in the XRP lock-up and periodic release squarely rests on the shoulders of both the company and the XRP community, which petitioned Ripple to lock-up the 55 billion XRP tokens. While the lockup soothed investors’ worries, the periodic release of the tokens has had the opposite effect, leaving the cryptocurrency in bearish sentiment.
In the last 24 hours, XRP price has down from $0.2430 to its current price of $0.2342. XRP has fared well against the dollar since the beginning of the year, enjoying a year-to-date (YTD) performance of more than 20 percent gains, according to CoinMarketCap data.
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