Ripple has unlocked 1 billion XRP from its escrow account.
Leading Silicon Valley tech company Ripple has released an astounding amount of XRP from escrow. In the latest round of token unlocking, Whale Alert reported that Ripple released 1 billion XRP from escrow in three different transactions.
Transaction Details
Whale Alert said the cryptocurrency giant unlocked 500 million XRP worth $271.05 million in the first transaction.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (271,055,508 USD) unlocked from escrow at unknown wallethttps://t.co/QkjC9S14Pa
— Whale Alert (@whale_alert) April 1, 2023
A few minutes later, Ripple Labs unlocked another 200 million XRP valued at $108.42 million.
The cryptocurrency heavyweight wrapped up its latest round of token unlock by releasing 300 million XRP from escrow.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 300,000,000 #XRP (162,633,305 USD) unlocked from escrow at unknown wallethttps://t.co/4Ux7KAMyQB
— Whale Alert (@whale_alert) April 1, 2023
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At the current exchange, the XRP released from escrow is equivalent to $534.61 million.
Not Surprising
The latest transaction will not surprise many who have followed Ripple’s activities in the past years.
Notably, the blockchain company has been conducting a monthly token unlock program since 2018. The firm releases up to 1 billion XRP coins from its escrow accounts monthly. The value of XRP has plunged massively since it peaked at $3.4 in 2018. Unfavorable market conditions and the ongoing Ripple vs. SEC lawsuit have contributed to the XRP price dip. However, Ripple does not intend to crash the price with its monthly token unlock. Consequently, the Silicon Valley tech company usually locks back vast amounts of its monthly XRP release to protect the price. In February, Ripple locked back 600M XRP shortly after releasing 1 billion coins from escrow.
At the time of writing, Whale Alert has not reported any movement of XRP to Ripple’s escrow accounts. However, Ripple is expected to lock back some of the newly released coins before next weekend.
In the meantime, XRP is down 2.6% in the past 24 hours. The slight dip comes after the sixth-largest cryptocurrency enjoyed a tremendous rally of above 44% to over $0.57 on March 29. According to Coingecko data XRP is currently changing hands around $0.53.
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