Ripple Team Unlocks 1 Billion XRP
Ripple the firm behind XRP coin just unlocked 1 Billion XRP from the escrow, the unlocked tokens are ready for sale to institution investors and OTC (Over the Counter) traders.
Ripple team Unlocks 1 Billion XRP coins at the starting of each month and sold the coins via OTC (Over the Counter) platforms for development and funding of the blockchain project. The unsold coins are returned back to the escrow account.
Ripple holds more than 50% of the total supply of XRP coins and claims that the team sells portion of their holdings to funds the blockchain initiative.
Ripple has come under fire because of its sells. A XRP investor and crypto enthusiastic launched a petition urging the company to stop selling XRP coins, the petition is now signed by more than 2800 people.
Ripple responded to a report from Bloomberg that shows that XRP spellings will suppress the price. Ripple team says that XRP inflation is less than Bitcoin and Ethereum. Ripple further Promised to sell less XRP coins in the third quarter, Ripple sold $251 million worth of XRP coins in the second quarter.
The report includes:
“’Ripple has been more aggressive in their selling lately,’ Eric Turner, director of research at Messari, said in an email. ‘Last quarter’s $251.5 million was up almost 50% from the $169.4 million sold in Q1.’”
