Another billion XRP worth about $109 million was released from the company’s escrow account on May the 1st, according to a tweet posted by Whale Alert.
1 billion XRP was released in the second quarter of 2019 from the Ripple escrow account. The company also revealed that between January and March 2019, the total XRP sales were worth $169 million. The XRP token currently ranks as the third top crypto in the world according to market cap.
Whale Alert reported in a tweet made on May 1, 2019, that 1 billion XRP was released from the Ripple Escrow wallet in Q2 2019.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (308,891,433 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) May 1, 2019
Ripple has monthly releases of XRP from its escrow for various uses such as the development of the XRP ecosystem.
The company explained in a blog post made in December 2017 the role of its escrow and how the one billion XRP does not impact the circulation supply XRP. The post read:
“If an escrow is successfully finished, it delivers the XRP held to its destination account. If the escrow is canceled, it delivers the XRP back to the source account.”
From the Q1 2019 release, the company returned 2.3 billion XRP of out the total 3 billion to its escrow account.
In comparison to Q1 2018, Ripple had an increase in XRP sales of one percent this year. Ripple reported a total amount of $167.7 million from its XRP sales in Q1 2018.
From the $169 million reported in Q1, $61.93 million worth of XRP was sold to institutional investors and the rest of the $107.49 million were bought by third-party market makers. The sales figures from Q1 2019 show an increase compared to last year’s quarterly values.
Featured Image: Bitcoin Exchange Guide
coindoo.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
