Ripple launches its new Twitter bot to track XRP in escrow

Two and a half years ago, in the middle of the largest crypto bull run to date, Ripple found itself with a lot of nervous investors. The company held too much XRP, and people were beginning to rapidly lose trust in it. So, Ripple had to make a move that would calm the investors down, and that involved reducing its own power.

Ripple’s new Twitter bot to track XRP in escrow

The team came up with a solution — to lock away as much as 55 billion coins into different escrow accounts. With the coins safely locked away, it became easy to predict the circulating supply of XRP at any time. The locked 55 billion coins represented 55% of XRP’s total supply. Of course, everything was recorded on the ledger, and the release of the coins still remains under full control.

Now, nearly three years later, Ripple made another move to ensure trust. It launched a new bot on Twitter that will keep track of the movements of funds in escrow at all times. All that anyone needs to do is follow @XRP_EscrowBot on the platform, and they will see whenever the funds move.

As mentioned, the bot is yet another attempt by Ripple to increase its transparency and prove that it is trustworthy.

Have you checked out the @XRP_EscrowBot yet? Now you can track Ripple’s monthly #XRP escrow movements on Twitter. https://t.co/PNPdXKk4u5

— Ripple (@Ripple) May 1, 2020

Ripple volumes surge as XRP sales drop

In its tweet, the company also mentioned a Q1 report, which recently also made headlines. The reason behind this is the fact that Ripple noted a new record low in XRP sales. The sales are 80% lower than what they were in the previous quarter, Q4 2019.

In Q1 2020, Ripple only sold $1.75 million in XRP. The quarter before saw the sale of $13,08 million in XRP. The reason for this is that Ripple halted coin sales to the exchanges, due to accusations of faking its volumes. However, even after the sales had stopped, the XRP volumes still continued to surge.