XRP Welcomes 2020 with a Green Candle And by Unlocking 1.2 Billion from Escrow Account

  • A total of $230 million unlocked from Ripple’s escrow wallet
  • XRP up over 2% on the first day of 2020
  • A look at Ripple’s “strongest year of growth to date”

After ending 2019 with poor performance, recording a loss of more than 46%, XRP started 2020 on a green note.

Though the situation is still bad, with the digital asset down 95%, it has made its way up from $0.186 hit last week.

In the last 24 hours, the third-largest cryptocurrency has been up 2.04% while trading at $0.194, as per Coincodex. In the BTC market, it is up by 1.09% and 0.09% against ETH.

However, amidst this green candle came the release of 1.2 billion XRP worth approximately $230 million from Ripple’s escrow wallet.

The unlocked amount has been in two batches as Whale Alert, a live tracker of large crypto transactions from and to exchanges reported, the first one was of 200,000,000 XRP worth $38,116,030 USD on Dec. 31, 2019, that cost 0.0005 XRP. Then 1,000,000,000 XRP worth $192 million were unlocked from Ripple’s escrow wallet, costing 0.05 XRP.

Looking Back

Recently we shared Ripple’s big plans for 2020 that involve building new utility and use cases for XRP through Xpring intuitive, tackling fake volume, and launching new products this year.

Ripple expects 2020 to even better than last year but not before we take a look at the year of Ripple’s “strongest year of growth to date.”

The company had a record year with a $200 million Series funding led by Tetragon with participation from SBI Holdings and Route 66 Ventures.

“We’re thrilled to cap off our strongest year of growth with this validation from investors in our business and its mission,” is how Ripple talks about this funding.

It was in 2019 that RippleNet surpassed 300 customers and 10x year-over-year growth in attention on the network. Also, the year when the company announced the Ripple’s developer platform via Xpring that “removes the pain and friction from integrating money into apps.”

It has been in 2019 that Ripple CEO Brad Garlinghouse wrote an open letter to Congress urging legislators

“to support fintech policy that fosters responsible innovation and classifies digital assets in a way that recognizes their fundamental differences—not painting them with a broad brush.”

Ripple’s biggest achievement of 2019, the company says has been its partnership with money transfer giant, MoneyGram that leverages XRP through On-Demand Liquidity (ODL). During the Swell 2019 event, MoneyGram CEO Alex Holmes also revealed that it moves 10% of its transaction volume between the US and Mexico with ODL.

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Author: AnTy

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