Continuing its program for injecting more coins into circulation, Ripple has once again withdrawn 1 billion XRP at a price of $811.39 million. This process has been carried out on a regular basis since 2017, on the first day of a each month.
Ripple Unlocks Another 1 Billion XRP
According to large crypto fund tracker, ‘WhaleStats’, on April 1st, Ripple withdrew one billion XRP from its escrow account in two installments of 500 million XRP each.
According to the blockchain details of each transaction, as reported by WhaleStats, the XRP funds, unlocked in the early hours of today, were worth an approximate $811.39 million.
XRP Plummets Following Unlocked Funds
The news of the recently unlocked XRP had a negative impact on the cryptocurrency’s price. Over the last 24 hours, the price of XRP has dropped by 6%, leading to lows as far as $0.7808.
The 24 hour price chart for XRP (XRP). Source: Tradingview
XRP (XRP) is now trading at $0.8166, as of this writing, with its market capitalization dropping to $39.3 billion. As a result of the plunge, XRP forfeited its ranking as the sixth-largest crypto to Solana.
On the Flipside
- Despite its plunging prices, Ripple has reported 130% yearly basis growth in Asia-Pacific transactions amid emerging use cases for its RippleNet.
Why You Should Care
According to Ripple, the locked XRP released monthly is being used to provide more predictability to the XRP supply.