Ripple and XRP’s movement in the cryptocurrency space has been riddled with controversies and speculations surrounding its ambiguous ownership and sales tactics. Despite the bear market not being kind to the third largest cryptocurrency, XRP rallied to retain its spot on the charts and latest reports connected to it display its resurgence.

According to Whale Alert, a cryptocurrency data aggregation website, a massive 400 million XRP was locked in escrow at an unknown wallet. According to current market prices, the value of XRP in the escrow amounted to $121.035 million and the escrow was created on May 2. Bithomp also showed that the owner of the escrow was Ripple, with the destination escrow also being owned by Ripple.

The Brad Garlinghouse-led company has repeatedly stated that XRP transactions would have very low transaction fees and the amount levied as fees on the 400 million XRP transfer was 0.005 XRP. The address of the receiver Ripple account was rsjFB8mPWqiZgPUaVh8XYqdfa59PE2d5LGrsjFB8mPWqiZgPUaVh8XYqdfa59PE2d5LG.

After this news was revealed, MacTheRepr, a fan of the cryptocurrency, tweeted:

“I’m just tired of holding #XRP, it is not going to $589 so unloading this shit. Don’t worry, nothing serious here. I am just waiting for it to increase properly jeez.”

Whale Alert and XRP were also in the news recently when it was revealed that Ripple released a billion XRP from the escrow account. This was also outlined in Ripple’s latest Q1 report, which said:

“In Q1 2019, three billion XRP were again released out of escrow (one billion each month). Additionally, 2.30 billion XRP were returned and put into new escrow contracts. The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem.”

The post Ripple locks massive 400 million XRP in escrow at dawn of new month appeared first on AMBCrypto.

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