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With the launch of 2022, Ripple unleashes 1 billion XRP from its escrow account

With the launch of 2022, Ripple unleashes 1 billion XRP from its escrow account

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Answer With the launch of 2022, Ripple unleashes 1 billion XRP from its escrow account

According to the cryptocurrency large transaction tracker Whale Alert, Ripple has transferred 1 billion XRP.

Ripple unlocks 1 billion XRP:

Fintech company Ripple has put its hand in its deep pocket to issue one billion XRP.

The usual procedure from Ripple is to withdraw one billion XRP annually, but in two batches, each batch carries 500 million XRP, which is what has been the practice in the past years.

Whereas in this way these warranty releases have been programmed, and therefore made automatically since 2017.

The plan is to gradually move 55 billion XRP out of the escrow account, so it is likely that these monthly transfers will expire this year.

Read:Bitcoin consumes as much electricity as Switzerland and the impact on the climate is still small

As a general rule, Ripple returns 800 million or 900 million XRP back to escrow, using the rest to cover its operating expenses, to send it to its customers and other financial institutions, as well as supporting the currency’s liquidity by sending XRP to crypto exchanges.

Overall, the issue value of 1 billion XRP is equal to $835,140,718.

When these escrow releases began four years ago, many in the XRP community feared that Ripple might push the price of XRP down and even started a petition on Change.org to demand that Ripple stop unlocking more XRP cryptocurrencies.

But it is clear that the issuance of XRP by Ripple does not affect the price at all.

Which is what happened this time as well, as the price of the digital currency XRP was not affected and remained in its usual fluctuation.

Ripple sends XRP to its partners and moves nearly 200 million XRP from the trading platform “Btistamp”:

About sixteen hours ago, Whale Alert also discovered two XRP transfers, each holding twenty million XRP.

The first transaction is behind Ripple for its ODL platform in the Philippines “Coins.ph exchange” via one of its additional wallets.

Read:Coinbase announces suspension of XRP trading starting next month

This is often used to send XRP to external wallets.

While the second transfer, the US-based Bittrex exchange transferred twenty million XRP to the trading platform Bitstamp.

On December 31, a single transaction worth 177,149,680 XRP worth approximately $150 million was sent by Bitstamp between its wallets as evidenced by the data provided by the XRP Bithomp analytics platform.

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