Ripple and XRP have been in the spotlight a lot this year especially due to various achievements.
Ripple managed to bag a lot of partnerships, and the digital asset XRP has been witnessing increased adoption this year.
Ripple made sure to promote its products, but also took care of the whole XRP ecosystem in order to boost it.
Wietse Wind’s XRPL Labs did the very same thing.
Ripple unlocks 1 billion XRP from escrow
Ripple has just unlocked one billion XRP from escrow and it made it available for selling to crypto exchanges and institutional participants.
The company usually unlocks one billion XRP at the start of every month and sells a portion of it OTC and returns the rest back to escrow.
Ripple owns more than half of the total supply of XRP and said that it’s selling portions of the holdings in order to run the company and fund the blockchain and crypto-based initiatives.
Bloomberg was reporting a while ago the following:
“Ripple has been more aggressive in their selling lately,’ Eric Turner, director of research at Messari, said in an email. ‘Last quarter’s $251.5 million was up almost 50% from the $169.4 million sold in Q1.’”
Ripple’s XRP ownership, problematic
Ripple and XRP have been in the spotlight a lot and we reported not too long ago that there’s a Bloomberg report involving XRP which triggered a response from Ripple.
Ripple responded to Bloomberg:
“Ripple, for its part, disputed the increase. Programmatic sales of XRP ‘as a percentage of volume and the actual supply inflation rate were lower’ than for Bitcoin or Ether.”
The company continued and said this: “Sales had been tied to trading volumes reported by exchanges, and recognizing that some platforms were misreporting volumes, Ripple has ‘substantially reduced XRP sales,’ a trend that’s expected to continue this quarter.”