Ripple's monthly move from XRP is underway, as the San Francisco-based company recently released $ 1 billion XRP , worth about $ 177.6 million, in receivership.
Ripple owns more than half of the total XRP offering . In December 2017, the startup made a commitment not to sell all its tokens at once, enclosing 55 billion XRP in a series of cryptographically secure escrow accounts.
The company then set up a schedule to free up a billion XRP each month, sell part to finance its operations and invest in startups, and put the rest into escrow.
Whale Alert followed recent movements in real time, which occurred in two separate 500 million XRP transactions .
Ripple also recently transferred 30 million XRPs , worth around $ 5.3 million, to an unknown wallet.
The mysterious wallet has already received numerous payments from Ripple, including 20 million XRP , valued at approximately $ 3.56 million, on June 25; 30 million XRP on June 16; 40 million XRP on June 8, worth approximately $ 7.1 million; and 30 million XRP on June 2, according to Bithomp. The portfolio currently has a balance of 20 million XRP .
In the first quarter of 2020, Ripple sold $ 1.75 million of XRP directly to institutions, down 86% from $ 13.08 million in the previous quarter. Ripple has not sold any XRP on crypto exchanges, which he usually does programmatically.
Ripple has significantly slowed down its cryptocurrency sales since the third quarter of 2019, when it sold $ 251.51 million in XRP .
In December, Ripple raised $ 200 million in a Series C financing round led by Tetragon, which valued the company at $ 10 billion.
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