XRP surges by 20% as Ripple releases 1 billion XRP worth over $1.05 billion
- 1st June 2021
- Posted by: Hakeem
- Category: Crypto
Ripple, the sixth most valuable crypto by market value, is enjoying record gains amid the release of a billion XRP tokens to the public a few hours ago.
While the price has kept surging in recent times, the blockchain company has unleashed a whopping 1 billion XRP from its escrow wallet. According to data retrieved from the crypto analytic tracker, Whale Alert, Ripple, the blockchain behemoth, has unlocked a massive 1 billion XRP worth over $1.054 billion, which occurred in two different 500 million XRP transactions in real-time.
“500,000,000 XRP (527,206,052 USD) unlocked from escrow at Ripple Escrow wallet,” they announced.
“500,000,000 XRP (527,206,052 USD) unlocked from escrow at Ripple Escrow wallet,” they added, seconds later.
Global investors are increasingly buying into the popular crypto asset amid reports revealing that the US Court denied SEC access to Ripple’s Legal communications, on the basis that such communications are protected under the attorney-client privilege.
At the time of writing this report, XRP traded at $1.09285 posting daily gains of about 20%. It was the biggest daily percentage gain since about a week ago.
In simple terms, such a release implies more liquidity in the Ripple network, as more investors will now have access to those XRP tokens.
Ripple, some years ago, set up a strategy where it released 1 billion XRP monthly for sale, primarily for funding its company’s operations and venture investments, with the rest kept back in escrow accounts.
Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.
The massive gain pushed XRP’s market value to about $50 billion or 2.96% of the total cryptocurrency market capitalization.
In spite of the ongoing legal tussle with the American financial regulator, the fintech juggernaut remains optimistic, as its leaders plan to take Ripple public after its settlement with the Securities and Exchange Commission.