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Whale Alert has reported that over the past ten hours, Ripple blockchain tech provider withdrawn another billion XRP from its escrow account.
The crypto decacorn has also transferred 182.3 million XRP to the wallet that belongs to its co-founder and former CTO Jed McCaleb.
1 billion XRP on the move from escrow
Ripple continues its regular programmed releases of 1-billion XRP stashes. A massive amount of crypto was unlocked around eight hours ago, according to the recent tweets published by the popular crypto tracker Whale Alert.
The crypto tokens were withdrawn in three portions – 500 million, 400 million and 100 million XRP. The fiat worth of the unlocked crypto totals approximately $760 million at the current price of $0.7337.
The 900 million from the released amount has been put back in escrow and locked. 100 million XRP has been sent to the Ripple wallet for further use.
As a rule, part of the released amount (which does not get locked back) is sent to Ripple customers – financial institutions – and crypto exchange to support the liquidity of XRP.
Ripple has been releasing one billion XRP on the first day of the month for several years already.
Ripple co-founder receives 182.3 million XRP
The person who cofounded Ripple Labs (initially known as Opencoin) with Christopher Larsen and was its first chief technology officer, Jed McCaleb, has received another big portion of XRP.
A whopping 182.3 million tokens has been sent to his “tacostand” wallet by Ripple – a regular payment made as part of the settlement agreement between Ripple Labs and McCaleb.
This XRP stash is an equivalent of $138,747,891 in fiat at the time of writing. The transaction was made approximately ten hours ago, as reported by Whale Alert.
Jed McCaleb has been selling his XRP regularly, sending them to crypto exchanges. The community believes that Jed McCaleb is likely to run out of his XRP holdings by late August – early September this year.
At the moment, Jed’s “tacostand” wallet holds an astounding 682,445,818 XRP, according to the blockchain service XRPscan. That is equal to $522,650,542.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 182,370,308 #XRP (138,747,891 USD) transferred from Jed McCaleb Settlement to Jed McCaleb wallethttps://t.co/qu3mprmHV0
— Whale Alert (@whale_alert) August 1, 2021
XRP remains in the $0.7 range
The seventh largest cryptocurrency XRP continues trading in the $0.7 range, exchanging hands at $0.7617 as of this writing, according to the data provided by the CoinMarketCap platform.
XRP has been unable to recover the $1 price mark after declining below it on May 22. Prior to that, the coin soared to a peak of $1.9 on April 14.
The coin then spent approximately a month, moving sideways in the $1.5 range, making temporary dips but remaining above $1.
Since the last week of May, however, XRP has been unable to recover that crucial level so far.