XRP surges by 20% amid strong buying

XRP, the fourth most valuable crypto asset by market value, recently released about 1 billion XRP worth about $1.6 billion, from an escrow account.

Whale Alert, an advanced crypto tracker, tracked the massive transactions in real-time which occurred in two different 500 million XRP transactions worth about $1.6 billion, meant primarily for funding its operations and venture capital, with the rest kept back in the escrow accounts.

READ: Ripple takes back 800 million XRP

In simple terms, such transactions boost the liquidity in the Ripple network as more people gain access to buy into the fourth most valuable crypto.

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What you show know about Ripple (XRP)

Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.

At the time of writing this report, XRP was trading at $1.59 on the FTX exchange with a daily trading volume of $13 billion. XRP is up 4.17% for the day. Its current market value stands 73 billion with a circulating supply of 45,404,028,640 XRP and a maximum supply of 100,000,000,000 XRP coins.

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Unlike its major leading crypto (Ethereum and Bitcoin) which were never intended to be a payment system, Ripple has gained the attention of major global banks such as Standard Chartered and Barclays for international transactions worldwide.

For the week, XRP has seen a rise in value, a surge close to 40% as investors bet Ripple would settle with the Securities and Exchange Commission. That being said, price patterns reveal XRP is still down about 52% from its record of $3.29 set on January 4, 2018.