Price of XRP dips after Ripple’s Escrow Wallet unlocks 1 Billion Tokens

    According to the information supplied by Bithop’s XRP Ledger Explorer, the blockchain payments business Ripple, based in San Francisco, has released one billion XRP tokens from two escrow accounts.

    According to information given by CoinMarketCap, the value of XRP has decreased by 1.93 percent over the course of the previous twenty-four hours. On the most important spot markets, the price of the coin is now $0.38. During the year 2017, the corporation placed 55 percent of its total supply of XRP into a number of escrow accounts. This placed a cap of one billion XRP on the maximum number of newly issued tokens that might be in circulation during any given month.

    It is important to note that the recent decline in value of XRP has been tied to Bitcoin’s inability to achieve a foothold above $24,000, rather than the unremarkable unlocking of a new coin. This fact should be acknowledged.
    It is important to note that Ripple puts the vast majority of the tokens it has issued back into the escrow it originally used. The price of XRP tokens is unaffected by the monthly unlocking process that occurs on the first of each month because the process can be reliably predicted. The majority of those tokens do not flood cryptocurrency exchanges, contrary to the widespread belief that this is the case. According to reports from U. In the second quarter, Ripple was able to sell XRP worth a total of $408 million today. The rise in sales was mostly related to the growing demand for the on-demand liquidity solution because of its convenience and adaptability.

    In other news, Ripple co-founder Jed McCaleb officially parted ways with his remaining XRP coins at the end of last month. This means that he is no longer in a position to place extra selling pressure on the sixth-largest cryptocurrency.

    According to information presented by CoinMarketCap, the total supply of XRP tokens that are now in circulation is equal to 48.3 billion in total.

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