Recently the price value of XRP dropped under $0.15 on the crypto exchange BitMEX
Ripple is continuously acting on its policy of releasing one billion XRP from its escrow wallet at the beginning of every month. Like always, Ripple has again released one billion XRP tokens worth almost $226 million from its escrow wallet.
However, every time when Ripple releases one billion XRP from the escrow, it gets criticized and questioned because people want to know why Ripple release over $200 million in funds on a monthly basis. Some people are expecting a possible sell-off ahead.
According to the report of Whale Alert, Ripple has unlocked 500,000,000 XRP from its escrow wallet recently.
Ripple is now having over half of the total supply of XRP in its portfolio and in the previous few months, it has slowed down its crypto sales to third parties.
Over-the-Counter (OTC) which is a Ripple-owned wallet transferred 75,202,210 XRP worth $17 million to some unknown wallets in the month of February.
The total amount that Ripple has sold is still not known publically. However, the sold amount of XRP in Q4 of 2019 is $13.08 million which is very low as compared to the other three quarters of the year 2019. The total amount of XRP that Ripple sold in the Q3 of 2019 is $66.24 million while in the first and second quarters, it is $169.42 million and $251.51 million respectively.
Programmatic sales of XRP were stopped in Q3 and Q4 of 2019
Ripple revealed that they have stopped XRP’s programmatic sales in Q3 and Q4 of the year 2019. According to the company:
“…Ripple continued the pause of programmatic sales, focusing solely on our over-the-counter (OTC) sales with a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA and Asia.”
XRP price flash crashed under $0.15
Recently, the price value of XRP dropped under $0.15 on the crypto exchange BitMEX. Because of this flash crash of $0.15, many trades were liquidated which made many traders angry.
However, these affected traders are not going to get their funds back because the crypto exchange has not made such promise. The CEO of BitMEX mocked Ripple’s cryptocurrency by calling it “turd”. However, despite this controversy, he added XRP on the platform because he only cares about the trading volume and Ripple has a high trading volume.