Blockchain payments company Ripple released 1 billion of XRP from three escrow accounts on August 1, pushing the price of its native token down by 3.4% in the past 24 hours, according to CoinGecko data.
See related article: SEC fails to block XRP holders from aiding in Ripple case
Fast facts
- In December 2017, Ripple created 55 escrow accounts to hold 55% of Ripple’s supply.
- The escrows expire each month and the released XRP tokens are back in circulation.
- Ripple was trading down 3.4% at US$0.370216 at 12:44 HKT, according to CoinGecko data.
- In Q2 2022, Ripple sold US$408.9 million worth of XRP, according to its latest quarterly report.
See related article: Amid SEC lawsuit, Ripple buys back stock and raises value to US$15B
