1 Billion XRP: Ripple Dips Into Escrow Wallet to Move $300 Million in Crypto
Ripple dips into its 55 billion XRP escrow account. | Source: Shutterstock
By CCN.com: Ripple Labs moved 1 billion XRP out of escrow yesterday, currently valued at around $300 million. Part of a monthly transfer, Ripple reportedly moves any excess funds back into escrow at a later time, or in the case of last month’s escrow, waits until next time to use any. The 55 billion XRP escrow account was created about two years ago to ensure liquidity and supply.
Business as usual
XRP’s reported 24-hour volume was over $850 million by press time, meaning that if the entire amount had been liquidated, it would likely have had a ripple effect at the market price of the token. (No pun intended.)
The funds were moved to address rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK , and three subsequent transactions have taken place. The account had a remaining balance of 700 million from last month’s escrow. Yesterday, a total of 800 million XRP moved out of the account in the space of three minutes, over three transactions, which leaves 900 million. The address is responsible for creating three 1 billion XRP escrows itself.
All three of the recipient addresses reportedly also belong to Ripple, indicating the funds are moving around for day-to-day operations.
The escrow movement had a memo, as many recent escrow movements have:
Go! Ripple! and Korean Community! (by XRP factory)
800 million shuffled around
Last month’s escrow had a more interesting memo, complete with a YouTube video:
…Right here on Jungle Inc. CONTEXT: Open and play in BROWSER ONLY: [youtube link] Your Welcome Jungle!-Digital Asset Investor: Good luck on kids baseball! Coffee Cinnamon Tic Tacs Apple Cider Vinegar!-Shout out to JKatz BradG ChrisL Ripple team Coil team Wietse Wind Dr T Bob Way XRPcommunity!
Here’s the video linked:
https://youtu.be/RjTJwE4aB6Y
All of the above is business as usual for Ripple.
Ripple recently reported a significant spike in institutional buying of its token. Institutional buying is the sort that might make Ripple viable in the long-run, as the token aims for the settlement of enormous payments as opposed to peer-to-peer payments. The command and control structure of the network, combined with resilient decentralized infrastructure, provides many of the features that large institutions find lacking in certain other cryptocurrencies.
Ripple has always been upfront about its mission to serve the banks and financial institutions of the world. Its purpose was undercut not so long ago when JP Morgan, one of the largest financial institution in the world, decided to create its own cryptographic ledger to lessen the cost of its massive daily movements. Nevertheless, Ripple’s list of institutional partners continues to grow.
