An escrow account holding the seventh most valuable crypto asset by market valuation was recently unlocked.
Whale Alert, a sophisticated crypto tracker, kept tabs on these massive crypto transactions, which occurred in two separate 500 million XRP transactions worth $576 million in real time a few hours ago.
In plain words, this means that the Ripple network will have more liquidity, since more buyers will have access to such amount of XRP. The firm had previously developed a policy in which it would sell 1 billion XRP each month to finance its activities and invest in interest-based start-ups, with the remainder held in escrow accounts.
XRP was trading at $0.575498 at the time of publication, with a daily trading volume of $4.8 billion. For the day, the price of XRP is up 2.5 percent.
There are 46 billion XRP coins in circulation, with a maximum production of 100 billion.
Meanwhile, the pending court battle with the US Securities and Exchange Commission (SEC) ended with a $100 million civil settlement and an agreement to refund funds invested in Ripple’s XRP token by US investors.
Most big crypto exchanges, such as Coinbase, are unlikely to reverse their decision to leave XRP until the SEC clears XRP’s protection status, which has become a point of contention.