- Ripple released its XRP tokens with the help of two escrow wallets.
- The co-founder of Ripple, Jed McCaleb, sold his XRP tokens in the first half of July 2022.
Ripple is a blockchain payment company headquartered in San Francisco. According to Bithomp XRP Ledger explorer reports, it has released its XRP tokens with the help of two escrow wallets.
According to the coin market cap data for the last 24 hours, XRP faced a downtrend of 1.93 percent in the last 24 hours. Currently, XRP tokens are trading at $ 0.37.
According to the ranking list, XRP tokens are ranked sixth in the list of cryptocurrencies by The coin market cap. Ripple in 2017 locked their 55 percent of total supply escrows. It limits the number of XRP tokens that can bring in circulation to an average of 1 billion XRP per month.
Market analysts believe that the prices of XRP are not able to gain spikes in the market because of the severe downtrend of Bitcoin, and the other reason mentioned is that the prices of Bitcoin are not able to cross 24k in the market.
According to reliable media sources, Ripple tends to redeposit its XRP tokens that it withdrew from the escrow wallet. The unlocking procedure of tokens happens on the first day of every month.
According to the reports of the coin republic, the co-founder of Ripple Jed sold his XRP tokens in the first half of July 2022. While writing this article, the circulating supply of XRP tokens is 48.34B XRP, and the token price is 0.3807.
Market analysts believe that the price of XRP may rise in the upcoming two months, and others believe the prices of the XRP, including another crypto, will rise if the prices of bitcoin rise in the upcoming two months. And the price drop of Bitcoin is termed as the selling of Bitcoin holding by many huge investors who sold their holding of millions in the last two months.
Source: https://www.thecoinrepublic.com/2022/08/01/ripple-unlocks-1-billion-tokens-from-its-escrow-wallet-as-prices-of-xrp-are-red/