<ul><li>Data shows that in two distinct transactions, Ripple released one billion XRP.</li><li>XRP is down 4.22% in the last 24 hours as per CMC.</li></ul>In the action brought forward by the U.S. Securities and Exchange Commission (SEC), Ripple Labs and XRP holders are anxiously awaiting a Summary Judgment. Ripple, however, has released additional XRP into circulation as the day of reckoning draws near.Data shows that in two distinct transactions, Ripple released one billion XRP, or around $470 million worth tokens. The most recent escrow release suggests that 52 percent of the XRP has entered circulation.Ripple has put 55 billion <a href="https://thenewscrypto.com/tag/ripple-xrp/" rel="noopener noreferrer nofollow">XRP</a>, or around 55 percent of the entire supply, in an escrow to ensure more supply stability. In accordance with protocol, 3 billion XRP were distributed, as stated in Ripple’s Q1 report for 2023. In the same time frame, however, 2.1 billion XRP were returned and placed into fresh escrow.<h3 id="all-eyes-on-lawsuit-judgment">All Eyes on Lawsuit Judgment</h3>Moreover, the price of XRP has increased by about 18% in the last 90 days, as shown by the data. It’s been one of the best-performing <a href="https://thenewscrypto.com/tag/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrencies</a> over this time frame.A tracker was monitoring the Bitstamp cryptocurrency exchange during the escrow release when a whale wallet dumped 29 million XRP (about $13.7 million) into the market. According to CMC, the XRP price today is $0.459756 USD with a 24-hour trading volume of $891,234,934 USD. XRP is down 4.22% in the last 24 hours.Even with legal difficulties from the U.S. SEC, Ripple’s native cryptocurrency still has a market worth of over $24 billion. Undoubtedly the result of the ongoing litigation with the SEC will have a huge impact on the price of XRP.

Ripple Releases 1 Billion XRP Worth Around $470M in Circulation

Table of Contents

TheNewsCrypto

Other articles published on May 2, 2023

How Does Bitcoin Technology Help Reshape Global Economic Growth?

Cassava Network Hosts a Successful Blockchain and Web3 Event at the University of Lagos.

Poloniex Pays $7.6 Million Fine for Alleged Sanctions Violation

Legislation could be weeks away for crypto in US

Bitcoin Daily Transactions Hits New ATH, Crypto Daily TV 2/5/2023

BTC and ETH Struggle in a Bear Market as Hello Rallies Ahead of New Features

Join our free newsletter for daily crypto updates!