Ripple has unlocked 1 billion XRP from escrow, worth about $442 million at time of publishing.
The San Francisco startup will sell a portion of the funds to crypto exchanges and institutional participants and return the rest to escrow at the end of the month.
Ripple, which owns more than half of the total supply of XRP, does not reveal the buyers. However, crypto whale watchers are constantly monitoring XRP movements from Ripple’s over-the-counter (OTC) wallets to unknown wallets, which indicate sales of XRP.
15,000,000 #XRP (6,228,576 USD) transferred from Ripple OTC Distribution wallet to unknown wallet
— Whale Alert (@whale_alert) May 31, 2019
10,000,000 #XRP (4,068,289 USD) transferred from Ripple OTC Distribution wallet to unknown wallet
— Whale Alert (@whale_alert) May 26, 2019
Ripple typically sells a fraction of the total amount unlocked each month and releases an overview of the dollar amount of XRP sold each quarter.
According to the company’s last report, Ripple sold $169.42 million worth of XRP in January, February and March.
Since 2016, Ripple has sold a total of $890 million in XRP – 34.4% to crypto exchanges and 65.6% to institutions, reports The Block.
Ripple’s sale of XRP recently triggered a lively debate on Reddit on whether it has an impact on the price of the leading digital asset.