Ripple tumbles amid high selling

Fast-rising crypto and presently the third most valuable by market value, unlocked 1 billion XRP worth about $662 million from an escrow account a few hours ago.

Whale Alert, an advanced crypto tracker, monitored these large crypto movements, which occurred in two different 500 million XRP transactions in real-time.

Ripple opened 500,000,000 XRP (331,666,216 USD) from escrow at Ripple Escrow wallet.

It also opened another 500,000,000 XRP (330,070,551 USD) from escrow at Ripple Escrow wallet.

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Ripple had earlier set up a strategy where it released 1 billion XRP monthly for sale, for the purpose of funding its company operations, and to invest in start-ups of interest, with the rest kept back in the escrow accounts.

What you should know

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Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

  • Ripple has gained the attention of major global banks such as Bank of America, Santander, Standard Chartered, and Barclays for international transactions worldwide.
  • It is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.

What this means

In simple terms, the implication of this is more liquidity in the Ripple network, as more investors will now have access to those XRP.