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Ripple releases another billion XRP from its escrow account

Giant Ripple DLT released another billion XRP on June 1, while the currency is still trading above $1.

The Whale Alert service, which tracks large crypto transactions, including those with XRP, tweeted that about six hours ago, technology provider Ripple DLT released one billion XRP from its deposit portfolio on Tuesday (1).

Meanwhile, the sixth-place XRP currency managed to stay above the crucial $1 level, after falling from $1.05 earlier today.

Ripple releases another billion, how much does the company still hold?

Fintech provider Ripple has released another billion XRP tokens with the arrival of the new month. This equates to $1.05 billion. This huge amount was released in two transactions.

In late 2017, Ripple announced that it would release the XRP it holds in custody for 55 months to control the price of the token.

As a rule, a small portion of the amount released remains in Ripple’s balance and is sent to exchanges to be sold, passed on to Ripple’s customers and partners, or used to cover the company’s operating expenses.

Eight hundred million of the unlocked billion usually goes back into custody.

According to Ripple’s website, the total amount of XRP held by the company at the time is 6,146,821,918 coins.

The total amount of XRP distributed is 46,143,602,688. That’s approximately one billion less than the total number of XRP coins held in custody: 47,700,000,013.

Source: U.Today

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