Ripple locks 800,000,000 XRP, prices push up

Ripple, the leading fintech company for crypto payments, some hours ago, opened 1 billion XRP valued at $240 million from an escrow account—increasing liquidity on the Ripple network.

Data seen from Whale Alert, an advanced crypto tracker showed 1 billion XRP unlocked from an Escrow account. These transactions occurred in two tranches.

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🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (119,916,616 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/NGcNSUnfgL

— Whale Alert (@whale_alert) November 1, 2020

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (119,916,616 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/Y8htnBj6Ef

— Whale Alert (@whale_alert) November 1, 2020

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What we know: At the time of drafting this report, XRP traded at $0.238034 with a daily trading volume of $1,367,327,400. XRP price is down -0.3% in the last 24 hours. It has a circulating supply of 45 Billion coins and a max supply of 100 Billion coins.

Why it’s happening: Ripple is usually known for releasing 1 billion XRP every month to be sold in support of its development, platform maintenance, coupled with its longtime strategy of investing in creative startups. The slow-release of XRP also helps crypto traders and investors more access to the fourth most valuable crypto by market value.