Against its usual order of XRP escrow transactions, Ripple Labs has released 1 billion coins, days after it locked over 700 million coins in its liquidity management push.
Blockchain analytics sleuth Whale Alert has spotted some crypto transactions totaling 1 billion XRP. The platform, which regularly monitors astounding cryptocurrency transfers and reports them, claims blockchain payment firm Ripple is linked to these transactions.Â
Ripple Changes Standard Procedures for Monthly XRP ReleaseÂ
San Francisco-based crypto juggernaut Ripple has a standard procedure of releasing one billion XRP every month.Â
For the firm, this is how to control the coin’s circulating supply and avoid excessive market fluctuations. This time around, Ripple does it differently, instead of releasing one billion XRP on the first day of the month.Â
The transfer was not done until the third day of the new month, which is not the usual tradition. Also, the blockchain firm first locked 700 million XRP in escrow before releasing the 1 billion XRP. This is quite the reversal of regular monthly release, as it usually comes before the escrow lock, ensuring the assets are from the fresh XRP transfer.
Notably, the mammoth transfer was completed in three transactions of 200,000,000 XRP, 300,000,000 XRP, and 500,000,000 XRP each. The assets were sent from escrow to unknown wallets, and the largest one, which involved half a billion XRP, was allegedly initiated by Ripple.Â
Based on data shared by XRPscan, the same entity released the other two XRP holdings from escrow.
Ripple Focuses on Acquiring Companies; Starts With CircleÂ
Meanwhile, Ripple CEO Brad Garlinghouse has announced that the San Francisco firm has a new focus.Â
Based on the narrative’s discussions and speculations, Ripple should focus on conducting an Initial Public Offering (IPO). Much to the disappointment of many, including SBI Holdings CEO Yoshitaka Kitao, Garlinghouse stated that the firm is pursuing the acquisition of complementary blockchain infrastructure companies.Â
In retrospect, Ripple moved towards stablecoin issuer Circle, offering $5 billion for a buy-out. The USDC issuer rejected the bid because the price is very low. There are rumors that the Brad Garlinghouse-led firm made another offer of $20 million, but no official publication has been released to this effect.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
