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Ripple releases 1 billion XRP from escrow in early 2022

Ripple releases 1 billion XRP from escrow in early 2022

According to U.today, about ten hours ago, on January 1, 2022, tech giant Ripple stuck its hand in its deep pocket to release one billion XRP tokens.

This is a routine procedure conducted on the first day of each month. For the past few years, these releases have been done in two transactions, each involving 500 million coins. These escrow releases are programmed and therefore have been automatic since 2017. The plan was to gradually transfer 55 billion XRP from escrows, so these monthly transfers will likely end this year. Typically, Ripple then puts 800 million or 900 million back into escrow, using the remainder to cover its operating expenses, send to its customers and other financial institutions, and to support the coin's liquidity by sending XRP to cryptocurrency exchanges. In total, the billion XRP issued is equivalent to $835,140,718 in fiat currency. When these escrow issues began just four years ago, many in the XRP community feared that they would push the price of XRP down, and even launched a Change.org petition demanding that Ripple stop unlocking the coins. Over time, however, it became clear that these releases weren't affecting the price at all. About fourteen hours ago, Whale Alert also discovered two XRP transfers, each containing twenty million coins. The first was made by Ripple for its ODL platform in the Philippines – the Coins.ph – exchange through one of its additional wallets. It is often used to send XRP to external wallets. In a second transfer, the U.S. exchange Bittrex transferred twenty million XRP to the Bitstamp trading platform. Bitstamp – is Ripple's ODL venue in Europe. In addition, Bitstamp sent 177,149,680 XRP (worth $149,186,270) in a single transaction between its wallets on Dec. 31, according to data provided by XRP analytics platform Bithomp. At the moment, XRP, the No. 8 cryptocurrency, is trying to rebound above the $1 level, but so far it remains in the $0.084 range. On December 31, the coin briefly dipped to the $0.8074 level, but it managed to reclaim the $0.8489 zone.

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