Ripple and XRP have created a culture of cross border transactions in the cryptocurrency industry with the Brad Garlinghouse led company always asserting that it will be the norm. This promotion has also allowed users in the field to freely move their assets around with WhaleAlert reporting that exactly 1 billion was released from Ripple escrow.
The significant unlock resulted in $295 million worth of XRP assets being made available to the trading public. The timestamp for the transfer was November 1, 00:01:21 UTC, with the new month surprising the cryptocurrency industry with a bang. The hash for the transfer was EDF6E4C1F8B8C77C85BAC81CBA08A00A5BC844CACFE148A7657D10E40807CA06 as reported by Bithomp. The Ripple escrow held an address of rKDvgGUsNPZxsgmoemfrgXPS2Not4co2op with the total balance now being 2 billion XRP tokens.
After a week of sideways movement, XRP witnessed a slight increase in price towards the fag end. At press time, XRP was trading for $0.29, with a total market cap of $12.7 billion. The cryptocurrency also held a 24-hour market volume of $1.67 billion.
Ripple’s partnership movement also saw dividends over the past week after the company backed MoneyGram released its first earnings report since the start of its XRP usage. MoneyGram’s Chairman and CEO stated:
“Our third quarter results reflect the continued transformation of our business as we increasingly focus on customer experience improvements, cross-border digital growth and industry-leading innovation through our strategic partnership with Ripple.”
He also went on to assure the XRP community that XRP will be used for cross-border transactions. Holmes continued:
“The commercial agreement allows MoneyGram to utilize Ripple’s xRapid blockchain product, as well as XRP, Ripple’s cryptocurrency, to facilitate cross-border settlement.”
Ripple’s escrow accounts have been key areas of focus in the crypto sphere, and a recent report had even revealed that Ripple still had 50 billion XRP in its escrows. Ripple’s official report revealed:
“In Q3 2019, three billion XRP were again released out of escrow (one billion each month). 2.30 billion XRP were returned and subsequently put into new escrow contracts. The majority of the unused portion of the 700 million XRP not returned to escrow was being held in operating wallets at the end of the quarter. All figures are reported based on transactions executed during the quarter.”
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