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Recently, XRP, the sixth most valuable crypto by market capitalization, had one billion coins unlocked from Ripple’s escrow wallet, while trading volume for the quarter more than doubled amid a legal battle with the U.S. financial regulator.
Approximately $743.4 million of XRP have been unlocked by the blockchain giant, in two tranches, according to data collated by Bitcoin tracker, Whale Alert.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (371,694,674 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/q6pilFc9Xz
— Whale Alert (@whale_alert) August 1, 2021
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (371,694,674 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/SO6n5v2sio
— Whale Alert (@whale_alert) August 1, 2021
Even though its largest player, Ripple, is currently locked in a legal battle with the United States, trading volume for its XRP token has increased in the second quarter of the year.
Reports from Ripple indicate that the average daily trading volume of XRP doubled during the first three months of the year, from $2.26 billion to $4.49 billion.
In the third quarter of this year, XRP’s trading volume surged amid heightened market volatility, including a rise in the price of bitcoin, which hit an all-time high near $64,000 earlier this year, before plunging to less than $30,000. Currently, the price hovers around $41,800 having recovered since then.
Similarly, XRP peaked at $1.83 in the third quarter before plunging to $0.5 in the fourth quarter. On the FTX exchange, the cryptocurrency’s price has risen again to $0.76.
In comparison to SWIFT, the platform used by the vast majority of global banks for international money transfers, the crypto juggernaut transactions take an average of five seconds.
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