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XRP Shows No Sign of Improvement as Another Billion is Freed from Escrow Wallet

XRP Shows No Sign of Improvement as Another Billion is Freed from Escrow Wallet

  • Ripple unlocked $1 billion XRP from its escrow wallet yesterday.
  • This means that another $220 million worth of XRP is available for Ripple to use however they want to.
  • This move is not welcome by users of XRP and is only leading to fear among its customers.

The third-largest digital currency, XRP’s performance has significantly declined leading to fear among its customers. They are currently resting at a support level of $0.20. Ripple unlocked $1 billion XRP from its escrow wallet yesterday representing its supply allotment for the month in concurrence with its pre-determined schedule.

This currently amounts to $225 million. This means that another $220 million worth of XRP is available for Ripple to use however they want to. Taking into consideration the general decline of altcoins and the bearish price movements of cryptocurrency, this move is not welcome by users of XRP.

Earlier in December 2017, Ripple officially declared that 55 billion XRP would be put in an escrow wallet 1 billion XRP would be released on a monthly basis to accelerate the XRP ecosystem. This distribution is often seen as an indicator of looming price downfall. This month’s release brings the circulating amount close to 44 billion.

The general recent price trend of XRP has remained dormant and in some cases even downwards. There has been no improvement in price despite Ripple’s annual Swell conference. XRP’s value dropped further as $400 million was discovered in illicit XRP transactions.

All these transactions constituted 0.2% of all XRP transactions and were associated with criminal activity and sanctioned entities.

Ripple, however, has had minor positive developments after they finalized a $50 million investment in MoneyGram which is supposed to be the catalyst and driving force for XRP being used in international transfers.

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About Prerna Sengupta

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Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.

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