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1 billion XRP moved from Ripple escrow wallet

ripple escrow wallet

According to the bot that monitors high-value crypto transactions, Ripple has yet again made another transaction in which one billion  XRP which is worth around $280.6 million from the Ripple escrow wallet

Further details into the transactions showed that the transaction tracking Twitter bot tracked two different transactions that saw 500,000 XRP leave the Ripple escrow wallet. 

Even though investors and traders are conversant with the fact that ripple moves such amount of XRP at the beginning of every month, there are still growing concerns over the outcome of the price if such movements continue.

Ripple withdraws one million XRP from its Ripple escrow wallet at the start of every month

It is a known fact that Ripple holds more than half of the total XRP in circulation and the coin currently occupies the fourth position in the ranking of digital assets according to market capitalization. In the early parts of 2017, the company committed to its clients as it promised not to ever sell all the tokens at its disposal

Rumors have been making the round that the company alone owns almost 55 billion XRP in Ripple escrow wallets all around the globe. At the start of every month, the company, therefore, releases one million XRP in a bid to boost liquidity on the payment network.

Ripple invests funds in promising tech startups

It should be noted that Ripple has over the years used the withdrawn Ripple escrow wallet’s XRP to fund promising tech startups around the globe as well as the company’s operations. 

Despite major experts and analysts saying that Ripple has witnessed stagnation in the past few years, the company has been ardently working to increase adoption all around the globe. In a move to make cross border payments a reality, the company recently teamed up with both standard chartered and Barclays in the UK. With the moves that the company is making, it might soon become the Amazon of payments.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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