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When the first day of another month begins, Ripple has released another billion XRP, sparking a mixed backlash from the loyal XRP community
Several hours ago, Ripple did what it has been doing for the past few years – released 1 billion XRP from its deposit vault. This year, the decacorn blockchain has been doing it in two parts, 500 million XRP each.
This sparked a mixed reaction from the XRP community – some are furious again and believe this will drive the price down, while others are used to Ripple releasing such a large XRP bundle every month and couldn’t care less. In USD, 1 billion XRP is around $ 211 million.
Ripple launches a bln XRP
Ripple has followed its usual practice of launching a billion XRP for a few years. As the company’s CEO Brad Garlinghouse said last year, these funds are being used to increase XRP liquidity, to send to charities, and to invest in other startups.
However, some members of the XRP community still believe that without these regular XRP dumps on the market, the price would have already reached new all-time highs.
21 million BTC vs. 100 billion XRP
However, as a general rule, after this gigantic amount of XRP is released from the escrow on the first day of each month, about ninety percent goes back to the escrow. No Ripple representative has explained to the community why it is done this way and how long it will continue.
Unlike the total twenty-one million BTC, the total amount of XRP is just under a hundred billion (with around forty-four billion XRP currently in circulation). In about a week, Bitcoin’s next halving is expected. XRP does not have halves since it is not removable.
Current position of the XRP market
Some in the community are still waiting for a new $ 0.23 test soon.
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