A crypto centric twitter account, known as Whale Alert has recently made some posts indicating that a huge amount of XRP has been removed from the project’s escrow account.
Whale Alert: 1 Billion Ripple (XRP) Tokens has Been Moved From Escrow
Whale Alert which keeps tracks of various big-numbered crypto transactions, revealed that earlier today, 1 billion XRP tokens were moved.
This move is coming right after ripple published a report for Q1 2019 which made it known that it has so far sold XRP for nearly $170 mln, which is 0.32 percent of Ripple’s global volume.
Also, Ripple released three bln XRP coins – 2.3 bln of them were later returned to escrow.
Ripple’s XRP-based sponsorship
Ripple has recorded one of the most significant use cases in the crypto industry. With several banks and financial organisation adopting the coin for their cross-border payment settlement and transactions the adoption of XRP is on the rise. Also, ripple has been working with several app developing companies to help develop apps compatible with XRP. Some of this company have received funding from ripple. These two firms, Forte and Bolt Labs are the most popular of ripple focused and funded app companies.
Forte creates programming tools letting game devs integrate DLT into games which already exist or are being constructed. Bolt Labs, on the other hand, creates payment options based on zero-knowledge proofs, commitments and blind signatures.
The 1Bln coins released by Ripple today will be directed at supporting new developments in the Ripple ecosystem and also sent to exchanges for trading.
Thoughts From the Community
Since the news of the release broke, the community has shown mixed feeling. However, the feelings shown has been more negative than positive.
The online crypto community has been bringing up the question of how centralised ripple really is and if the cryptocurrency can be manipulated.