The month of April has just begun and on its first day, Ripple has followed its tradition of releasing one billion XRP from its escrow wallet. The amount is worth $173.5 million.
One the first day of every month, the US-based company Ripple throws out one billion XRP coins from its escrow wallet and once again it had done the same by releasing a large amount of XRP from its escrow.
Two 500 million XRP transactions
As usual, the news was reported by the Twitter bot Whale Alert. According to the report of Whale Alert, such a large amount of one billion XRP coins was unleashed in two separate 500 million transactions of XRP.
Source: Twitter
In Dec 2017, The company Ripple decided to hold over half of the total XRP supply with the intention of not selling all of the coins and locked up around 55 billion XRP into its escrow wallet. After that, Ripple made a schedule of releasing one billion XRP on the first day of each month and since that, the company is following that schedule.
Apart from this, Whale Alert reported on Monday, March 30, that Ripple has transferred an amount of 74,000,000 XRP worth $12.6 million from its OTC (over-the-counter) Distribution wallet to an unknown wallet.
🚨 74,000,000 #XRP (12,693,316 USD) transferred from Ripple OTC Distribution wallet to unknown wallet
— Whale Alert (@whale_alert) March 31, 2020
May be Ripple wants to sell these coins but it is hard to predict what the company will do with these coins. However, Ripple has decreased the amount of XRP that the company is selling as it sold an amount of $13.08 million in XRP in Q4 of 2019 while in Q3 the sold amount of XRP was $66.24 million.
Is Another Price drop coming in the short-term?
As soon as Ripple unlocks XRP from the escrow, the community starts expecting a price drop for the third-ranked coin. The reaction of the community on Twitter shows that they are once again expecting a price drop coming for XRP in the short-term.
At the moment, the price value of the coin is trading in the green zone holding a mark of $0.173455 USD at the time of writing.
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