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Ripple moves 1 Billion XRP worth US$ 317 Million
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Ripple moves 1 Billion XRP worth US$ 317 Million

Ripple is making substantial money moves as it always does at the beginning of every month. The company has moved one billion XRP out of escrow to sell a portion of its digital assets to investors, institutions, and exchanges in OTC deals.  Customarily, Ripple follows this procedure at the beginning of every month and then place about 700 million XRP back into escrow by the end of the month.

The crypto start-up always includes strange messages along with this mass XRP movement. This time the message read “The revolution will be televised.” Last month, the message was “Crawl… Walk… Run… ;)”

Brad Garlinghouse, CEO of Ripple said, “Payment providers and banks can use XRP to fund these payments on demand, without intermediaries, at a cost that is less than half of the current cost. But it’s safe to say that we have to crawl before we walk before we run. This is uncharted territory for assets solving this multi-trillion dollar opportunity.”

Basically, Ripple is two things – cryptocurrency (XRP) and an open payment system for banks. XRP has been a strong liquidity solution for real-time, low – cost transfers through cryptocurrencies and fiat markets.

XRP is currently being traded close to US$ 0.32, and it has a market capitalization of US$ 13.34 billion. It is ranked third in the digital asset after Bitcoin (BTC) and Ethereum (ETH). The industry experts believe that Ripple is a good short term investment option, and credit goes to its strong growth on both their platform and across the financial and investment sectors. They further predict that XRP will reach 20 dollars by 2020, depending on the success and widespread adoption of Ripple as an international trading tool.

In a recent study, Bloomberg reported that Ripple has a pump and dump business model that aims at increasing the value of the XRP, a virtual currency. It takes numerous steps in order to hide these activities. Basically, Ripple issues ‘worthless’ XRP tokens and gifts billions of tokens to the founder of the company. Then, the founders perform two activities – promote fiction of independence or pump the coins, so if they promote their independence, they are ultimately pumping XRP. Ripple’s only way to do business is by pumping their all coin in the market. It is able to modify the value of the asset by these Ponzi schemes. It presently holds US$ 60 billion XRP with a notion value of approx. US$ 10 billion.
Ryan Zagone, Director of regulatory relations for Ripple, said that XRP is open source and Ripple did not create it. The digital asset existed before as an open source technology.

Ripple as a cryptocurrency is used by more than 150 bank customers to help fund transfers through the Ripple financial and banking network around the world through distributed ledger technology. There is a possibility that XRP could be used by financial institutions across the globe to process cross-border payments reducing costs and transaction times. Moreover, Fortune has recently listed Ripple as one of the best “Small and Medium Companies” to work for in the San Francisco Bay Area.

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Manisha is a freelance journalist with a passion for writing about food, travel, business, cryptocurrency and blockchain. Her interests are varied and her language is clean and descriptive.

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