Ripple has shifted another massive chunk of XRP tokens to the tune of 1 billion from one of its escrow addresses, data from Whalealert revealed. This was corroborated by an XRP-focused Twitter handle.
According to the data tracking platform, the fintech powerhouse Ripple which is a major backer of the token was found to have undertaken withdrawals from three of its escrow addresses.
In less than 24 hours, 400,000,000, 200,000,000, and 500,000,000 XRP coins totaling $405.3,000,000 in fiat were transferred.
This is nothing new; for more than five years, Ripple has routinely released a sizable sum of XRP on the first day of a new month. After all this time, the firm still has a large number of tokens in escrow. XRP worth hundreds of millions will soon hit the cryptocurrency market.
On the price front, the sixth-ranked token reached an all-time high of $3.84 on January 4 during the first month of these routine planned releases of 2018, which began in January. This record peak hasn’t been attained yet.
That said, XRP’s major backer Ripple’s net sales of XRP accounted for over $226 million worth of XRP in the fourth quarter of 2022, according to a recent report published by the firm.
Ripple’s XRP Sales Report Shed New Insights
As reported by TronWeekly, the centralized fintech company builds global payment products and developed the XRP payment system, which the firm describes as decentralized.
However, despite the fact that Ripple uses XRP and its public blockchain, it is important to remember that the two are entirely different entities.
The payment processor reported over 106 million transactions on the decentralized blockchain known as XRP Ledger as well as the development of 228,000 brand-new wallets for distinct users.
In the latest quarter, the well-liked product saw continuous growth after having its “strongest” year, according to Ripple, which added that it has continued to offer XRP only in connection with on-demand liquidity [ODL] transactions.
“Ripple wrapped up 2022 with its strongest year to date focusing on crypto utility and scaling its ODL product,” the firm said in its report.
“As RippleNet continues to grow, despite a tumultuous market, the payment giant experienced the highest amount of demand from both new and existing customers adopting ODL.”