Ripple Withdraws 1 Billion XRP from Escrow, Then Helps Shift 114.2 Million XRP

Ripple Withdraws 1 Billion XRP from Escrow, Then Helps Shift 114.2 Million XRP

As the first day of another month arrives, Ripple distributed ledger tech provider has unlocked a whopping one billion XRP from its escrow account over the past six hours, according to Whale Alert.

Besides, it has participated in transferring 114.2 million XRP, moving more than half of this amount.

1 billion XRP released, here’s how much XRP Ripple holds now

On October 1, the blockchain behemoth from San-Francisco shoveled another ultra-large XRP amount from escrow – one billion worth slightly over $948 million in fiat. The release was made in two transactions, bearing 500,000,000 each.

This is a regular operation that has been programmed to take place automatically by Ripple since 2017. These regular monthly releases were initially planned to happen 55 months, meaning that the company will stop unlocking funds from escrow in 2022.

As a rule, after the billion XRP is let out, 800-900 million is locked back in escrow since Ripple does not seem to need so many funds released. The rest is used for supporting XRP’s liquidity and is sent to crypto exchanges or to the company’s customers and partners (global financial institutions).

According to Ripple website, at the moment the overall amount held by the company totals 5,939,797,396. The total amount placed in escrow is 47,300,000,013 XRP and 46,750,439,262 XRP has been distributed by Ripple as of September 19 this year.

Ripple participates in moving 114.2 million XRP

As also reported by Whale Alert service, Ripple has made three transactions, carrying 20 million XRP each, in the past sixteen hours. The funds were moved to its alternative crypto addresses – RL18-VN and RL43-EE.

Aside from Ripple, two anonymous wallets, r3Bh5FiThmU8weL5pvJxFETi1aSNy2fX4V and rKh2T58XNDMSE4DWsXDhzF6VGa6eZzaBRv, have transacted 54,270,104 XRP (the equivalent of $51,844,630.

The fiat worth of the 60,000,000 XRP moved by Ripple is almost $60,000,000.

The sixth largest cryptocurrency XRP is changing hands at the $0.9572 level, according to the data provided by CoinMarketCap site.