Ripple Unlocks 1 Billion XRP from Escrow Accounts for November, Moves Millions of Tokens

Ripple has unlocked 1 billion XRP coins from escrow for November. The process is part of Ripple’s monthly release of XRP tokens from its escrow system into the crypto market. Crypto transaction tracking firm Whale Alert reported this development in a tweet on the X platform.

Ripple Releases 1 Billion XRP in Three Different Transactions

Data from Whale Alert revealed that Ripple has unlocked its monthly 1 billion XRP coins for November. According to Ripple’s schedule, the release of the XRP coins from its escrow accounts occurs on the first of every month.

Whale Alert noted that Ripple released a cumulative 1 billion XRP through three transactions on November 1, at exactly 00:00 (UTC). Firstly, the firm unlocked 500 million XRP coins worth approximately $299.9 million from its escrow account. 

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (299,906,071 USD) unlocked from escrow at #Ripplehttps://t.co/aBFIs4q7Ef

— Whale Alert (@whale_alert) November 1, 2023

The second transaction involved the release of 400 million XRP tokens worth about $239.92 million also from Ripple’s escrow account.

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 400,000,000 #XRP (239,924,857 USD) unlocked from escrow at #Ripplehttps://t.co/sBasI0iMrd

— Whale Alert (@whale_alert) November 1, 2023

In the last transaction, the blockchain firm unlocked 100 million XRP coins worth $59.98 million from its escrow account.

🔓 🔓 🔓 100,000,000 #XRP (59,981,214 USD) unlocked from escrow at #Ripplehttps://t.co/FqIC4wfHSu

— Whale Alert (@whale_alert) November 1, 2023

Before its monthly escrow unlock of tokens, Ripple moved 50 million XRP coins from one of its accounts to an unknown wallet. According to Whale Alert, the transferred coins were worth about $29.87 million.

Further, data from Whale Alert revealed that the transaction occurred on October 21 at 23:26 (UTC). Currently, Ripple’s address holds 166.34 million XRP after the transaction, while the balance in the receiver’s address has 54.72 million XRP tokens.

Ripple’s Monthly XRP Unlock Program—Here’s What’s Remaining in Escrow

Ripple maintains a token-unlock program on the first day of every month. Through the process, the firm usually releases 1 billion XRP coins from its escrow accounts into the crypto market, increasing XRP’s circulating supply.

The San Francisco-based company launched the escrow program in December 2017 to ensure stability within the XRP markets. The program mapped out 55 billion XRP coins, which Ripple locked in an escrow system on the XRP Ledger (XRPL). The firm programmed a monthly unlock of 1 billion XRP tokens across 55 months.

In addition, Ripple included a protective measure to curb high volatility in XRP’s price. It would relock a greater part of the monthly released coins, which in most cases are up to 800 million from the released 1 billion coins.

However, Ripple is yet to relock any portion of the released coins for November at the time of writing.

As of September 30, Ripple’s Q3 report revealed that the firm holds 41.3 billion XRP coins in its escrow account. Though it released 1 billion XRP coins on October 1, the company relocked 800 million tokens, bringing its holding to $41.1 billion XRP as of October.

Following the unlocking of 1 billion for November, Ripple should have about $40.1 billion XRP locked in its escrow account.

Meanwhile, as of 05:40 AM EST on November 1, XRP is trading at $0.6012, indicating an increase of 4.63% over the past 24 hours. Its 7-day price action reflected a surge of 9.34%.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/ripple-unlocks-1-billion-xrp-from-escrow-accounts-for-november-moves-millions-of-tokens/