Ripple has put a significant amount of XRP tokens into its escrow wallet.
According to data shared by Whale Alert, Ripple locked a whopping 1.2 billion XRP in escrow. The main specialty is that Ripple released zero XRP this month before locking them.
The 1.2 billion tokens were locked in three separate transactions. For the first transaction, 500 million XRP worth $230.36 million were locked in Ripple Escrow Wallet.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (230,365,080 USD) transferred from unknown wallet to Ripple Escrow wallethttps://t.co/nFTkFkc4Fl
— Whale Alert (@whale_alert) November 1, 2022
A minute later, Whale Alert observed the blockchain company lock back another 200 million XRP in its escrow wallet.Â
? ? ? ? ? ? ? ? ? ? 200,000,000 #XRP (92,628,155 USD) locked in escrow at unknown wallet https://t.co/6GX5UAKJoo
— Whale Alert (@whale_alert) November 1, 2022
Lastly, 500 million XRP ($230.36 million) were transferred to the Ripple Escrow wallet from an anonymous address.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (230,365,080 USD) transferred from unknown wallet to Ripple Escrow wallethttps://t.co/nFTkFkc4Fl
— Whale Alert (@whale_alert) November 1, 2022
Different from Previous Transactions
Notably, the recent transactions contrast Ripple’s monthly XRP release. Over the past months, before Ripple puts back some XRP in escrow, the blockchain company usually releases at least 1 billion units of XRP.Â
It is from the newly released tokens that the blockchain company locks some amounts of XRP back into its escrow wallet. For instance, on certain occasions, when Ripple unlocks 1 billion XRP at the start of every month, the blockchain company usually locks back 800 million units of the tokens back in escrow.
Ripple Monthly Token Unlock Initiative
Ripple’s token unlock program is an initiative that started in 2017. Ripple locked 55% of XRP’s total supply in escrow at the time to boost the token’s price. The Silicon Valley tech company stated that it would unlock 1 billion units from escrow monthly.
The move contributed toward the massive rally of XRP to an all-time high of $3.4 in January 2018. With the SEC charging Ripple for violating U.S. securities law via its 2013 Initial Coin Offering, the blockchain company thought it was important to reduce the number of XRP it puts back into circulation, to protect the token’s price from dumping further.
Based on this, whenever Ripple unlocks one billion XRP every month, it locks back at least 800 million tokens, while the 200 million XRP coins cater to the company’s operational costs. Unlike previous months, Ripple did not unlock the usual 1 billion XRP this month. Instead, it locked a whopping 1.2 billion XRP in escrow.
As reported by The Crypto Basic, Ripple, in its Quarter 3 report, confirmed that Ripple’s XRP Holdings are now less than 50% Of the supply for the first time in its 10-year history.
The Q3 report showed that Ripple sold about $100 million less XRP than it did in Q2 while purchasing more XRP simultaneously. As per the figures, Ripple’s net XRP sales in Q3 amounted to only $310 million, compared to over $408 million in Q2. Meanwhile, total purchases in Q2 rose to about $2.5 billion in Q3, compared to $1.7 billion in Q2.
In Q3, Ripple Escrow released one billion XRP monthly, totaling three billion in the third quarter. Out of these 3B XRP released, Ripple, locked 2.1 billion XRP back to new escrow contracts.
Large XRP TransfersÂ
Meanwhile, Whale Alert tracked the movement of large amounts of XRP by high-net-worth investors. Unknown whales transferred the XRP tokens to leading cryptocurrency exchanges. Ripple was also involved in the latest round of large XRP transfers.Â
According to Whale Alert, 300 million XRP, worth $138.56 million, were moved from an unknown wallet to Ripple’s address.
? ? ? ? ? ? ? ? ? ? 300,000,000 #XRP (138,569,630 USD) transferred from unknown wallet to Ripplehttps://t.co/xKjti7xIwe
— Whale Alert (@whale_alert) November 1, 2022
Eight hours ago, an anonymous whale deposited 24,235,647 (24.2 million) XRP worth around $11.21 million to a Bitso address.Â
? 24,235,647 #XRP (11,215,748 USD) transferred from unknown wallet to #Bitsohttps://t.co/G16d2YQdrj
— Whale Alert (@whale_alert) November 1, 2022
Whale Alert also tracked the movement of 30 million XRP ($13.8 million) from an unknown wallet to a Bitso exchange address.Â
? 30,000,000 #XRP (13,888,943 USD) transferred from unknown wallet to #Bitsohttps://t.co/2sW8RpDEmE
— Whale Alert (@whale_alert) November 1, 2022
60 million XRP tokens were also deposited to a Bitstamp address by an unknown whale.Â
? ? 60,000,000 #XRP (28,031,253 USD) transferred from unknown wallet to #Bitstamphttps://t.co/FY80AM7xh7
— Whale Alert (@whale_alert) November 1, 2022
In reverse, a total of 60,921,933 (60.9 million) XRP valued at around $28.4 million were withdrawn from Bitstamp by an anonymous whale.Â
? ? 60,921,933 #XRP (28,461,968 USD) transferred from #Bitstamp to unknown wallethttps://t.co/qDUOH4VKAK
— Whale Alert (@whale_alert) November 1, 2022
Over the past 24 hours, Ripple whales moved 475,157,580 (475.15 million) XRP, worth $218.57 million at the current exchange rate.Â
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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