Ripple Releases 500 Million XRP from Escrow, This Impact on the Market

Earlier this April, Ripple, the company behind the XRP crypto asset, had released 500 million XRP from their escrow account. The move is part of their monthly practice of putting XRP tokens into market circulation, but this time it comes amid legal issues with U.S. regulators related to XRP sales.

Getting to Know Escrow in Blockchain

Escrow is a mechanism for protecting funds or assets during transactions. In blockchain, escrow plays an important role in releasing tokens or coins in stages, following a predetermined schedule or conditions.

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Monitored Whale Alert

Whale Alert, a leading blockchain monitor, reported the latest XRP release by Ripple. The transaction was completed at 02:51 (UTC) on April 1, with 500 million XRP released into the market worth more than $314.87 million.

Despite being released, Ripple's beneficiary account has yet to make any further transactions, with the balance remaining at 500 million XRP.

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Impact of Escrow for XRP

Ripple typically releases 1 billion XRP every month from escrow. However, there has been a deviation from this routine in recent months, with numbers released variing.

In January, Ripple followed the normal pattern of releasing 1 billion XRP, but later returned 800 million XRP to escrow. February saw the release of 600 million XRP, and on February 25, another 400 million XRP were released.

In March, only 500 million XRP were released. However, after the monthly release, around 800 million XRP were returned to escrow. Another escrow release attempt in March was unsuccessful, suggesting a technical failure.

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Conclusion

Although this month's release is only half of its normal amount, Ripple may make an additional release of 500 million XRP later in the month, following a pattern that occurred in February.

This latest release increases Ripple's total XRP assets to 39.5 billion tokens, spread across more than eight escrow wallets. On April 1 at 9:05 AM EST, the XRP price was at around $0.6123 (approximately Rp9,740), down 2.34% in the last 24 hours.

With a market capitalization of $33.64 billion (around Rp535 trillion), XRP is currently the sixth largest crypto asset, with trading volume increasing 43.45% to $1.35 billion (around Rp21.5 trillion).

How to Buy Ripple (XRP) on Bittime

You can buy and sell Ripple (XRP) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Ripple (XRP) tersedia di Bittime dengan market pair XRP/IDR. Untuk bisa beli XRP IDR di Bittime pastikan kamu telah melakukan registrasi dan menyelesaikan verifikasi identitas. Selain itu, pastikan juga kalau kamu punya saldo yang cukup dengan melakukan deposit sejumlah dana ke wallet. Sekadar informasi, minimal pembelian aset di Bittime adalah Rp10.000. Setelah itu, barulah kamu bisa melakukan pembelian aset crypto di aplikasi. 

Belajar panduan lengkap cara beli Ripple (XRP) di Bittime. 

Pantau pergerakan grafik harga Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) dan kripto lainnya untuk mengetahui tren crypto market hari ini secara real-time di Bittime.

Also read:

Ripple vs SEC Update: Ripple Has Handed Over All Details Requested by SEC

XRP Price Prediction: Will XRP Experience a Sharp Rise in the Near Future?

XRP Whale Moves Tens of Millions of XRP as Price Approaches $0.6

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.