Barely a week after crypto exchange Binance opened trading of two pairs using Ripple (XRP) as a base pair; the cryptocurrency continues to make attention-grabbing headlines.
The third largest digital currency weighed by market cap has started the year with shocking transaction news. Ripple whales have moved a colossal amount of XRP, which caught the attention of the XRP community. And, the transaction fee was less than a cent.
If the information from Twitter “Whale Alert” is anything to go by, a large amount of XRP has been moved to the Ripple escrow wallet.
Roughly 2,133,569, 088 XRP worth about $755 million has been moved. Each of the seven registered transactions took less than 4 seconds to complete.
The San Francisco-based blockchain startup has put 55 billion XRP into a cryptographically secure escrow account, which allows it to sell up to a billion each month over the next 55 months.
By securing almost 60% of the XRP tokens created, Ripple is able to control the maximum XRP supply that can enter the market. The company made it clear that the lockup is meant to do away with any concern that XRP will flood the market.
If the entire amount of XRP coins should move from the escrow account, the entire XRP community will freak out. It would be a bad scenario.
At the time of writing, Ripple (XRP) is exchanging hands at $0.367043, with a market capitalization of 14 billion. The token has not shown any upward move from its previously reported negative state. Sadly, the top 100 digital coins are still in the red.
Despite the current crypto market meltdown, many experts still believe the market will recover in 2019. The CEO of Binance Changpeng Zhao said this year would be a “moon year” for crypto. Also, a crypto developer with Price Waterhouse Coopers and Fintech Advisor – Henri Arslanian said he expects exciting stuff for the cryptocurrency space in 2019, Bloomberg reported.