The development is part of the company’s scheduled periodic escrow executions.
Ripple has initiated its routine escrow execution exercise for March, unlocking 1 billion XRP tokens. The latest executions occurred barely 8 hours after the Silicon Valley company transferred 50 million tokens to an unidentified wallet yesterday.
The 1 billion XRP tokens were concurrently released in four distinct escrow executions and then transferred to two addresses associated with Ripple. Bithomp data confirms that these transactions were carried out precisely at midnight (UTC) today.
As part of the recent escrow executions, Ripple unlocked 100 million XRP and 400 million XRP in Executions 15 and 16, respectively, both of which were sent to a Ripple-owned address. The current balance of this address is now at 1 billion XRP, as the tokens have yet to be moved.
Similarly, Escrow Executions 17 and 18 also unlocked 100 million and 400 million XRP tokens, respectively. The designated recipient wallet currently reflects a balance of 1 billion XRP as of this writing.
Barely 8 hours before the latest escrow executions, Ripple had sent 50 million XRP ($18.89 million) to an unidentified wallet. The recipient wallet, which currently has a balance of 67M XRP, is confirmed to be affiliated with the company.
? 50,000,000 #XRP (18,896,539 USD) transferred from Ripple to unknown wallethttps://t.co/7TqU3LDIeA
— Whale Alert (@whale_alert) February 28, 2023
As observed in previous transactions, Ripple’s standard practice involves transferring these tokens to a different wallet, with a portion locked up in escrow, while the remaining tokens are allocated to fund the company’s daily internal operations.
Last month, the American technology company locked up 600 million tokens in escrow 18 hours after it had unlocked 1 billion tokens, as previously reported.Â
Ripple XRP escrow locks are a mechanism Ripple uses to ensure the stability and predictability of the XRP market. The escrow locks involve putting a large amount of XRP into a locked account, which is released monthly installments over a predetermined period. The company locked up 55 billion XRP in December 2017.
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