Ripple Releases 1 Billion XRP Worth IDR 6.9 Trillion From Escrow Account

Illustration of XRP Coins. (Photo; Doc. Gulf Insider)

JAKARTA - San Francisco-based blockchain company Ripple has released one billion XRP from its crew account on May 1. This release, worth $469.6 million, is part of Ripple's monthly distribution strategy for XRP which began in December 2017.

Additional information, Escrow is an account or mechanism used to store assets or funds temporarily until certain terms or requirements are met. In a financial context, Escrows are often used in large transactions such as business acquisitions or property sales.

A neutral third party usually handles an Escrow account and ensures that all parties involved meet the requirements before assets or funds are released. In the previous article, Ripple used an ransom account to store XRP and release it in a planned manner to maintain supply stability and XRP prices.

Ripple has released XRP from its crew account in a controlled manner to ensure the availability and stability of XRP token supplies. The release of XRP is also part of a series of monthly releases to support the growing cryptocurrency ecosystem and meet growing demand.

However, there are some critics who say that Ripple's control of most XRP tokens in itsECKrow account raises concerns about centralization.

They argue that Ripple's control as a entity goes against the decentralization principle of many cryptocurrencies, including Bitcoin. Investors are also worried that Ripple's ability to release a large amount of XRP each month could manipulate token prices.

Meskipun demikian, Ripple tetap mempertahankan strategi escrow-nya sebagai bentuk perlindungan stabilitas token. Pelepasan satu miliar XRP terbaru ini dilakukan setelah performa kuat Ripple di kuartal pertama tahun 2023.

The company reported an increase in sales of XRP, with total sales reaching 361.06 million US dollars (Rp 5.3 trillion), which is a significant increase compared to 226.31 million US dollars (Rp 3.3 trillion) in the previous quarter.

Ledger's XRP activity in the chain is also going well, with volume on the exchange decentralized and centralized experiencing significant growth. According to CoinGecko data, XRP is trading for IDR 6,800 per coin on the main exchange. XRP has decreased 1.0 percent in the past week.