Ripple locks 800,000,000 XRP, prices push up
- 2nd November 2020
- Posted by: Hakeem
- Category: Crypto
The fourth most valuable crypto by market value has experienced some upside shortly as its owners locked a significant amount of XRP into an escrow account.
Data seen from Whale Alert – an advanced crypto analytic tracker, revealed 800 million XRP were locked in escrow accounts some hours ago. Thereby, leading the price to tick upward as seen by Bigwig FX.
What we know
At the time of writing this report, XRP traded at $0.240123 with a daily trading volume of $1,264,097,652. XRP price is up 0.4% in the last 24 hours. It has a circulating supply of 45 billion coins and a max supply of 100 Billion coins.
- Ripple has locked billions of XRP into a series of escrows accounts by principle and is on the ledger itself. Thus, ledger operations, enforced by the majority, control the release of the fourth most valuable crypto.
- The escrow accounts are independent by design, as a ledger escrow account controls the total release of one billion XRP monthly over the next 55 months.
- This provides an upper limit on the amount of new XRP that can be brought into circulation. The amount of XRP actually released into circulation will likely be much less than this.
- Any additional XRP leftover each month will be placed into a new escrow to release in the first month, in which no escrow currently releases.
What this means
It’s important to note that crypto traders and global investors understand the power of such escrow accounts as they are presently used in providing more predictability to the XRP supply – coupled with sentiments that the crypto payment company expects them to increasingly be used for higher-value, on-ledger, and cross-ledger atomic payments using the Inter-ledger Protocol.