Ripple’s monthly movement of one billion XRP is underway.
The San Francisco payments startup has unlocked the XRP, worth about $390 million, from escrow. This makes the funds available for the company to sell to crypto exchanges and institutional participants.
Ripple typically sells a relatively small portion of the XRP that’s unlocked and returns the rest back into escrow at the end of the month. According to the company’s last report, Ripple sold $169.42 million worth of XRP in January, February and March.
But this month may be different. On June 3rd, the company said its sales of XRP will be considerably lower in the second quarter of this year in light of a report from Bitwise, which concluded about 95% of the volume reported on the crypto price tracker CoinMarketCap is fake.