A total of 1 billion XRP worth $308 million was discharged from the escrow account and sent into the market. The escrow was unlocked 4 hours 30 mins ago, at the time of writing, and the escrow address was: rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK.
Whale alert posted a tweet about the same,
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (308,891,433 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) May 1, 2019
In its recent Q1 report, Ripple outlined that it sold approximately $169.42 million in XRP in Q1 of 2019, and that its sales accounted for 0.32 percent of the global XRP volume. Further, 3 billion XRP were released, out of which 2.3 billion were returned. The report added,
“In Q1 2019, three billion XRP were again released out of escrow (one billion each month). Additionally, 2.30 billion XRP were returned and put into new escrow contracts. The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem.”
XRP use cases have been on the rise, with some of these developments including XRPL Labs. Recently, Wietse Wind was funded to develop more XRP-centric applications that help the community and XRP. Other developments include Forte, which provides tools for game developers to integrate blockchain technology into new and existing games, and Bolt Labs, which builds payment channel implementations using zero-knowledge proofs, blind signatures, and commitments.
The new XRPs released will be used for various developments in the ecosystem and will also be used to replenish exchanges in general.
@crypto_HTX, a Twitter user, commented,
“This is the problem with Ripple. They can dump Ripple anytime. . . and will.”
Another Twitter user, @JohnSMI13108865, remarked,
“That’s how a healthy ecosystem works…slowly but surely…1 billion a month is nothing when it is solving a multi-trillion banking settlement problem…and that is only just the start…with gaming, derivatives, tokenized asset etc…priceless.”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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