Ripple Transfers 1 Billion XRP Tokens from Escrow Account

Whale Alert (the twitter account committed to tracking crypto transactions), notes that Ripple transfers a total of one billion XRP tokens from its escrow wallet.

03 December, 2019 | AtoZ Markets – The block-based payment company has moved the massive number of tokens into two separate transactions. That is worth about $ 219 million. The company transferred the same number of tokens into escrow only seven minutes later, this time in three separate transactions.

Ripple Transfers XRP from Escrow Wallet and Back

On 30 November 2019, Whale Alert spotted a huge withdrawal of Ripple’s wallet. In the XRP ledger, this transaction would also cost 0.05 XRP, which equates to a fee of $ 0.011.

The announcement of Ripple liberating one billion XRP worth $225,092,032 to be sold in Over-The-Counter markets (OTC). Markets raised many questions about XRP’s performance and denounced the ‘act.

However, in its 2011 third-quarter report, Ripple ensured that the transfers between Ripple treasury and escrow accounts do not justify the Ripple distributing XRP. Brad Garlingouse is the CEO of Ripple. He has publicly stated that Ripple controlling the price of the digital asset is similar to Whale controlling the BTC price. Ripple reduced its XRP sales volume quarter after quarter. That was for reducing the inflation rate to a lower level than that of Bitcoin and Ether,

It is unclear whether the XRP market would be able to pay for more perceptible volumes to engage in the sale. But many are hoping for a windfall profit. Ripple intends to share the amount of XRP that returns to the escrow account.

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XRP Performance in 2019

Ripple has always suffered from being too centralized. That is due to the authority of the San Francisco-based company on more than half of the 100 billion XRP. The performance of the XRP continued to be slow. That was despite Ripple’s decision to lock up 55 billion XRP in escrow (in December 2017). That allows the use of XRP 1 billion tokens per month. Ripple had targeted through monthly sales was to sell its XRP holdings to various crypto exchanges and institutional investors. And that put surplus XRP in the new escrow account. But this strategy also led to insufficient performance in 2019.

The third-largest cryptocurrency is far from its historical high of $ 3.84 (January 2018). However, it has already lost 39% of its value, leaving investors very worried and disappointed. Based on XRP’s recent figures of $ 0.221880, few crypto analysts warned XRP holders to not to fall blindly into the predictions.

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