Ripple Unlocks 500 Million Tokens From Escrow Wallet

Ripple Unlocks 500 Million Tokens From Escrow Wallet

XRP price growth continues to decline on the first day of February, despite Ripple, the blockchain payment network notionally tied to altcoin XRP, issuing 500 million tokens from its escrow wallet.

The company has began February 2020 with a single transaction of 500 million tokens worth $119.5 million released from Ripple’s escrow the same day, data by monitoring tool Whale Alert verified.

The action is the latest in a series of scheduled releases that Ripple has set to take place for 55 months on the first of each month.

The company targets providing market makers with opportunities, but Ripple still controlling the newly released tokens.

XRP / USD did barely react during the previous release in January. Subsequently, bullish action on the Bitcoin (BTC) markets significantly increased many of the major altcoins.

On the other hand, Litecoin (LTC), for example, secured 65 percent profits in January, XRP investors were left with little more than a sense of anticipation. The token is up by a comparatively modest 26 percent against its lows in January.

Ripple was once again in the middle of speculation over its partnership with XRP as 2020 began.

The firm owns more token than any other entity. CEO Brad Garlinghouse said in an interview that the XRP supply could not be regulated by executives, while also suggesting that it would take action to stop other companies from possessing too much of it.

 “We don’t want some other party buying a whole lot of XRP and dumping it on the market,” he said.

Garlinghouse sees that the traditional initial public offerings (IPOs) is expected to become more common in the cryptocurrency and blockchain space this year.

“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

0 0 vote
Article Rating
Share this page
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.