In the recent past, Ripple made history by becoming the first cryptocurrency company to team up with major financial institutions around the planet, revolutionizing cross-border payments and gaining widespread recognition in the financial industry.
Ripple was founded a bit more than a decade ago, in 2012. It has a remarkable history as a prominent player in the world of cryptocurrencies and blockchain technology. Ripple was initially known as OpenCoin, and the company was created by Chris Larsen and Jed McCaleb. They wanted to develop a decentralized digital currency that could facilitate fast and low-cost international transactions.
A surprising move from Ripple
In a surprising turn of events, Ripple has returned a massive amount of 700 million XRP tokens, worth $357 million, after a significant unlock event, as U TODAY reveals. The influx follows the recent unlocking of one billion XRPs from the escrow accounts of Ripple, with 300 million tokens still circulating the market.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 300,000,000 #XRP (152,704,922 USD) locked in escrow at Ripple Escrow wallet https://t.co/6hj1kCk8pI
— Whale Alert (@whale_alert) June 1, 2023
Ripple, meaning a prominent cryptocurrency company, has been strategically releasing XRP from its escrow accounts to establish a more predictable token supply. These accounts initially held 55% of the total XRP supply, but the controlled release has reduced it to 41.9%. Introduced back in 2017, this initiative aimed to stabilize the volatile XRP market by gradually introducing tokens into circulation.
The predictable release system has sparked debates about its impact on the price of XRP, with advocates emphasizing the benefits of reduced market fluctuations. Ripple’s approach seeks to provide transparency and control, creating a more stable environment in the case of market participants.