Ripple releases another 1 billion XRP from its escrow wallet for May. At current prices, the total value of the XRP unlocked by Ripple is $220 million.
04 May, 2020 | AtoZ Markets – Ripple always receives widespread criticisms for its unusual token releases at the start of each month. It ensures that the company’s large crypto reserve (more than a third of the total supply of assets ) does not run out too quickly. It’s unclear why Ripple releases millions of dollars’ worth token at the start of each month.
Ripple Unlocked 1B XRP
Once again, the company has continued this tradition by unlocking an additional 1 billion XRP from its escrow wallet at the start of May. The value of this month released XRP is $ 220 million at current market prices. Three different transactions were made 100M, 400M, and 500M XRP, according to the Whale Alert.
Now the question arises again regarding the amount of XRP that the San Francisco startup sells each month. Ripple keeps more than half of the total XRP supply in its portfolio and has decelerated its sales of cryptocurrency to third parties in recent months.
In February, a Ripple-owned wallet which is used only to sell its own assets to OTC institutions was reasonably active. It sent 75,202,210 XRP ($ 17 million) to wallets of unknown origin. The exact amount that Ripple sold will be known publicly when the company releases its first-quarter summing up of its crypto-asset allocations.
Ripple sold XRP for $ 13.08 million in the fourth quarter of last year. This represents a massive drop compared to previous quarters. Ripple sold a total $ 66.24 million of XRP in the Q3 of last year, $ 251.51 million in the Q2 and $ 169.42 million in the Q1.
Ripple Co-Founder Also Received Settlement
In addition to the unlocked tokens, Ripple co-founder Jed McCaleb received his share of XRP. He received 55 million XRP on May 1, the same day that Ripple released XRP token. Last month, McCaleb also received 63 million XRP from Ripples. Currently, he owns more than 4.7 billion XRP, which makes him one of the wealthiest people in the crypto world.
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