As part of its monthly unlock program for XRP, Ripple has unlocked another one billion units of XRP from three different escrow wallets.Â
Popular cryptocurrency whale tracking service, Whale Alert, observed Ripple’s recent XRP unlock from various escrow wallets, which took place in three different transactions.Â
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.Â
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (163,524,642 USD) unlocked from escrow at unknown wallethttps://t.co/DOCa9UtKIc
— Whale Alert (@whale_alert) September 1, 2022
At the same time, Ripple unlocked another 300 million XRP, worth $98.11 million, from a different escrow wallet.Â
? ? ? ? ? ? ? ? ? ? 300,000,000 #XRP (98,114,785 USD) unlocked from escrow at unknown wallethttps://t.co/bADSpVFPEg
— Whale Alert (@whale_alert) September 1, 2022
Lastly, Ripple unlocked a total of 200 million XRP, valued at around $65.41 million.Â
? ? ? ? ? ? ? 200,000,000 #XRP (65,409,857 USD) unlocked from escrow at unknown wallethttps://t.co/xe2tduD1pi
— Whale Alert (@whale_alert) September 1, 2022
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.Â
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. Â
Although the company has not yet locked some of the newly released XRP tokens, the transaction is expected to occur later today.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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