Ripple Releases Massive Amount of Tokens from Its Escrow Wallet
At the start of the year 2020, Ripple unlocked funds valued at $192 million from its escrow. Whale Alert caught the recent XRP tokens consignment by scanning data from the XRP. Consignment refers to an installment of a pre-planned release plan that Ripple started in 2017.
Ripple officials revealed in a blog post that the firm’s plan to lock up 55 million XRP, releasing funds every month within 55 months. The plan aims at incentivizing investors to maintain interest and ensure consistent usage of XRP.
Before the company started the scheme, it was selling $ 300 million worth of XRP per month. Last year, there was a noticeable intensification of sell-offs as Ripple disposed of more tokens. Additionally, the escrow movements could not bring a drop in the prices of XRP/BTC and XRP/USD pairs.
Nevertheless, David Schwartz claimed that XRP purchases did not make the crypto giant any more prosperous and maintained that its sell-offs are unimportant. XRP did not react to the escrow release, as its price was over $ 0.19, while the prices of the leading altcoins dropped by almost 1%.