Ripple Releases 1 Billion XRP Worth $314 Million From Escrow
Ripple just unlocked one billion XRP from escrow, worth just over $314 million.
It’s part of a monthly crypto asset shuffle designed to allow the company to sell a portion of its holdings to crypto exchanges and institutional participants.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (320,072,524 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) August 1, 2019
Every month, the San Francisco startup allocates a billion XRP and typically sells a relatively small portion before locking the rest back in escrow.
Ripple released its latest XRP Markets Report last week, showing the company sold $251.51 million worth of XRP in the second quarter of this year. The company says it plans to take a “more conservative approach” and reduce that number in the months ahead.
Ripple owns more than half of the total supply of XRP, and the majority of its holdings remain in escrow.
Since 2016, Ripple has cumulatively sold $1.14 billion XRP, according to numbers compiled by The Block. Of that amount, 64% was sold to institutions and 36% was sold to crypto exchanges.