Ripple releases monthly 1 billion XRP, crypto Twitter freaks out

01 May, 2019 | Updated: 01 May, 2019
by Alberto Arnaldo
Social
Ripple releases monthly 1 billion XRP, crypto Twitter freaks out

Just a few hours ago, @whale_alert, a Twitter account which performs live tracking of crypto transactions on the major blockchains, noted that the monthly 1 billion XRP escrow release of Ripple had just been moved, worth about $309 million at writing time.

The unlocked escrow funds, which were moved from the address rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK, are part of Ripple’s monthly releases, which the company defends as a method of controlling the XRP supply. According to a blog post from 2017 on Ripple’s site, the initial locked amount was of 55 billion XRP, or 55% of the total possible supply.

It is not like after 55 months the escrow releases will end, as the actual amount of XRP released into circulation is smaller than the 1 billion a month offered: for example, on Q1 of 2019, 2.3 billion XRP out of the 3 billion released were returned and put into new escrow contracts, which are set to go off at the first month after the 55th first ones which already have escrow funds allocated for release.

The remaining 700 million XRP were not returned to the escrow, and Ripple ensure that they are being used "in a variety of ways to help support the XRP ecosystem".

Dominating impressions among crypto Twitter commenters ranged from rejection of Ripple’s distribution model to support for the token, including as well some confused participants.

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Read more about: Ripple (XRP)

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