XRP, the sixth most valuable cryptocurrency by market capitalization, just had one billion coins unlocked from Ripple’s escrow wallet, while trading volume for the quarter more than doubled amid a legal dispute with the United States’ financial authority.
According to data compiled by Bitcoin tracker Whale Alert, the blockchain giant has liberated around $743.4 million in XRP in two tranches.
Despite the fact that its main player, Ripple, is currently embroiled in a legal battle with the US, trading volume for its XRP currency surged in the second quarter of the year.
According to Ripple, the average daily trading volume of XRP more than doubled during the first three months of the year, from $2.26 billion to $4.49 billion.
XRP trade volume increased in the third quarter of this year amid increased market volatility, including a jump in the price of bitcoin, which reached an all-time high above $64,000 earlier this year before plummeting to less than $30,000. The price is now hovering at $41,800, having recovered since then.
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.