Ripple Unlocks Half Billion Tokens From Escrow, Price Surges 26%

The XRP news today show that the cryptocurrency’s price growth remains lackluster as February begins despite the rumors about the blockchain payment network slowing down in the past couple of months. Today, we can see that Ripple unlocks 500 million tokens from its escrow and as a result of that, the XRP price is up by more than 26%.

Data from the XRP blockchain presented by the monitoring resource Whale Alert on February 1 confirmed a single transaction of 500,000,000 tokens worth $119.5 million which was left in Ripple’s escrow the same day.

This move is the latest in a series of planned releases which Ripple has scheduled to happen on the first of each month for 55 months. The aim of the company will be to provide incentives for market makers, while Ripple would remain in control of the newly released tokens.

As Ripple unlocks half a billion in new XRP tokens from their escrow, XRP/USD is gaining a lot of momentum and subsequently, we can see that there is bullish action in the latest Bitcoin news where BTC is nearing the $9,500 price mark.

A couple of days ago, we reported about Litecoin (LTC) sealing 65% gains in January. Similar to this altcoin is XRP now, and its investors have been left with little more than a sense of anticipation. When compared to its January lows, the XRP token is up by a comparatively modest 26%.

The start of 2020 shows that Ripple unlocks half a billion tokens and is again in the center of controversy in the altcoin news and updates. For those of you who don’t know, the company owns more of the token than any other party. A recent interview showed that the CEO of ripple, Brad Garlinghouse, claimed that executives could not control the XRP supply while also noting that it would take action to stop other entities from acquiring too much of it.

“We don’t want some other party buying a whole lot of XRP and dumping it on the market,” the head of Ripple said.

XRP sell-offs for 2019 totalled more than any other year. This is why Garlinghouse hinted that the cryptocurrency could conduct an initial public offering (IPO) at some point in the next twelve months.