Saturday, May 21, 2022
Home Crypto News Market Ripple Unlocks 600 Million XRP From Escrow, While Locking Another 800 Million...

Ripple Unlocks 600 Million XRP From Escrow, While Locking Another 800 Million in Separate Transactions 

- Advertisement -
Follow-Us-On-Google-News

Ripple is making moves to prevent the XRP price from crashing amid its legal woes with the Securities and Exchange Commission



After unlocking over 1 billion Ripple (XRP) from its escrow wallet in the early hours of yesterday, the famous blockchain company has sent most of the unlocked tokens back to the escrow address. 

Recent data from WhaleStats, a data analytics company that tracks large cryptocurrency transactions, shows that Ripple transferred 800 million XRP coins unlocked back to its escrow wallet yesterday. 

The fund’s transfer occurred in two separate transactions, with each worth 400 million XRP ($329,440,486), respectively.  

 

The funds transferred back to Ripple’s escrow wallet are part of an effort by the team to mitigate any adverse price effects on the XRP token. 

Meanwhile, before the company opted to lock some of the funds in its escrow wallet, Ripple also unlocked more tokens in the late hours of yesterday. 

In three separate transactions spotted yesterday, the company unlocked a total of 600 million XRP worth approximately $500 million at the transaction time. 

 

Unlike most cryptocurrency projects, Ripple uses a unique method of releasing XRP tokens to the market. 

Instead of using the Proof-of-Work (PoW) or a Proof-of-Stake (PoS) model to produce new coins, Ripple, after conducting its Initial Coin Offering (ICO) for XRP, held a majority of the coin in an escrow wallet. 

Of the 100 billion XRP total supply, the Ripple team held 55% of them, and at the end of the 2017 bull market, the company noted that it would unlock these coins gradually. 

The move is to protect the token’s price from dumping as more supply of an asset usually ushers in lower prices. 

To further protect the XRP price, Ripple usually sends most of the released tokens back to the escrow account, as seen yesterday. 

Yesterday Ripple Labs released a whopping 1 billion XRP from its escrow wallet. The 1 billion XRP was unlocked from escrow in two separate transactions, representing 500 million XRP for each transaction.

However, Ripple is doing everything it can to keep its investors safe from more losses as its ongoing battle with the Securities and Exchange Commission (SEC) has already done more harm to them. 

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

1 COMMENT

  1. Pretty sure that this is just the same thing that happens every month. They aren’t “trying” anything. They always send back what wasn’t bought.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Can Pac-Man Frog (PAC) Outperform ApeCoin (APE) And Theta Network (THETA)?

Cryptocurrencies are all anyone has been able to talk about for the past couple of years. They are an innovative way of thinking about...

Secure DeFi Protocols: Calyx Token (CLX), Chainlink (LINK), and Aave (AAVE)

An ongoing prevalence of hacks, attacks, and exploits within the cryptocurrency space highlights the importance of verifying the security and integrity of a protocol...

Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

Terra Team Warns Community to Beware of Malicious Proposals, Says No Decentralized Application Has Launched on Terra 2.0. ...

CZ On Terra (LUNA): “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value”

  Binance CEO: Terra Had The Chance To Save Luna And UST When The De-peg Was At 5% But They Failed To Act.

Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

The Ethereum exec was also affected by last week’s cryptocurrency dip that wreaked havoc on investors.  window.coinzilla_display...

Market Pundit: UST And Terra (Luna) Collapse Is NOT An Indication That Crypto Market Is Ending

  Crypto Market Is Not Ending Because Of Terra. window.coinzilla_display = window.coinzilla_display || ; var...

Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Gemini follows Coinbase to halt UST trading. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.