The first day of November marked the release of a billion XRP by the blockchain giant Ripple, which is well-known for its numerous collaborations with international financial institutions that utilise XRP-based cross-border payments. This has been a monthly ritual that Ripple has instituted since 2018.
That billion-XRP issuance caused a little 3% drop in price. As is customary, Ripple has locked nearly all of the coins that were released into escrow today.
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Locked up and sent back 800 million XRP According to the cryptocurrency tracker Whale Alert, the massive Ripple fintech company returned about 800 million of the released XRP to escrow over the course of the last day, retaining just 200 million of those coins to subsequently reintroduce into the market.
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The billion XRP that Ripple typically releases in the hundreds of millions will probably be used for company needs, like operational costs, or transferred to cryptocurrency exchanges to maintain the coin’s liquidity and/or to different financial institutions that have previously partnered with Ripple to enable them to use XRP.
In addition, Whale Alert announced today that it has observed 18.7 million XRP being transferred from a whale’s anonymous address to the Bitso cryptocurrency exchange. The biggest cryptocurrency exchange in all of Latin America based on volume is Bitso, a unicorn cryptocurrency founded in Mexico.
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After making an undisclosed investment in Bitso in 2019, Ripple has partnered with the platform to promote and expand On-Demand Liquidity (ODL) throughout the area. To make it seem simpler to outsiders, Ripple recently decided to rename ODL as “Ripple Payments” instead of just ODL.
In addition, Whale Alert announced today that it has observed 18.7 million XRP being transferred from a whale’s anonymous address to the Bitso cryptocurrency exchange. The biggest cryptocurrency exchange in all of Latin America based on volume is Bitso, a unicorn cryptocurrency founded in Mexico.
After making an undisclosed investment in Bitso in 2019, Ripple has partnered with the platform to promote and expand On-Demand Liquidity (ODL) throughout the area. To make it seem simpler to outsiders, Ripple recently decided to rename ODL as “Ripple Payments” instead of just ODL.
Price action of XRP The fifth-largest cryptocurrency by market capitalization value has increased in value by 6.13% in the previous 48 hours, jumping by more over 6% to trade at $0.61908 at the time of writing.
The rise that XRP has reported for the last week is more than twice as much as the previously stated 14.14%.
800 Million XRP Held: Ripple’s Market Moves and Their Significance,800 Million XRP Held: Ripple’s Market Moves and Their Significance,800 Million XRP Held: Ripple’s Market Moves and Their Significance, XRP coin Crypto news, XRP coin News