spot_img
HomeCrypto NewsMarketRipple Unlocks 1 Billion XRP From Escrow

Ripple Unlocks 1 Billion XRP From Escrow

Date:

Written By:

Latest News

- Advertisement -

As part of its monthly unlock program for XRP, Ripple has unlocked another one billion units of XRP from three different escrow wallets. 

- Advertisement -


Popular cryptocurrency whale tracking service, Whale Alert, observed Ripple’s recent XRP unlock from various escrow wallets, which took place in three different transactions. 

Per Whale Alert, the first transaction saw Ripple unlock the sum of 500 million XRP from an escrow wallet. At the time of the transaction, the funds were worth $163.52 million. 

At the same time, Ripple unlocked another 300 million XRP, worth $98.11 million, from a different escrow wallet. 

- Advertisement -

Lastly, Ripple unlocked a total of 200 million XRP, valued at around $65.41 million. 

Ripple Token Unlock Program

The Ripple community has gotten used to news of monthly XRP unlock. Recall that in 2017, Ripple locked 55% of the total XRP supply in a series of escrows to bolster the asset class’s value. The development propelled the price of XRP to reach an all-time high of $3.4 in early 2018. 

With a large percentage of XRP locked in escrow, Ripple noted that it would release 1 billion units of the locked XRP monthly to cater to the company’s monthly operations. Since then, Ripple has not looked back. However, due to the ongoing lawsuit between Ripple and the SEC, the Silicon Valley tech company usually locks back a large percentage of all new coins released from escrow.  

Although the company has not yet locked some of the newly released XRP tokens, the transaction is expected to occur later today.

- Advertisement -

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

More from Author

LEAVE A REPLY

Please enter your comment!
Please enter your name here