Ripple has released 1 billion XRP coins from its escrow account.
Leading San Francisco-based fintech company Ripple Labs has unlocked 1 billion XRP coins from escrow today, June 1. According to data from Whale Alert, Ripple released the 1B XRP from escrow in three different transactions.
For the first transaction, Ripple unlocked 300M units of XRP tokens at exactly 00:00 AM (UTC) today.
? ? ? ? ? ? ? ? ? ? 300,000,000 #XRP (154,588,369 USD) unlocked from escrow at Ripplehttps://t.co/dtSERtlGDw
— Whale Alert (@whale_alert) June 1, 2023
A few seconds later, the leading blockchain company released another 200M units of XRP.
? ? ? ? ? ? ? ? ? ? 200,000,000 #XRP (103,196,459 USD) unlocked from escrow at Ripplehttps://t.co/iGSaMyR1YK
— Whale Alert (@whale_alert) June 1, 2023
Lastly, Ripple unlocked 500M units of XRP. The 1 billion XRP coins were valued at around $508 million in the hours leading up to press time.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (257,991,147 USD) unlocked from escrow at unknown wallethttps://t.co/ftLp20BEyL
— Whale Alert (@whale_alert) June 1, 2023
Ripple’s Routine XRP Unlock Initiative
It is worth noting that the recent unlock is part of Ripple’s monthly XRP distribution strategy. The initiative, which started in 2017, has seen Ripple unlock XRP coins from its escrow accounts in a controlled manner to maintain the stability of the asset’s price.
The blockchain company usually conducts its XRP release on the first day of every month. The Crypto Basic reported on May 1 that Ripple unlocked 1 billion XRP from escrow. In a similar development, Ripple unlocked another 1 billion XRP on April 1. Ripple usually sends back unused XRP coins to the escrow account.
Through Ripple’s latest XRP release, the company will cater to the growing need for On-Demand Liquidity (ODL) clients who utilize the asset class for cross-border settlements.
It bears mentioning that the ODL solution uses XRP as a bridge currency between two fiats during cross-border payments. There has been a growing demand for Ripple’s ODL in recent times. Ripple disclosed in its Q1 2023 report that its total ODL-related XRP sales amounted to a whopping $2.93 billion.
The newly released XRP coins did not hurt the price of XRP. When writing this line, XRP is trading at $0.508, up 0.1% in the past 24 hours.
SEC vs. Ripple Case Still Ongoing
Meanwhile, Ripple is still embroiled in a legal battle with the United States Securities and Exchange Commission. The case has been fully briefed, and the parties are awaiting a summary judgment decision from U.S. District Judge Analisa Torres.
There is speculation that the SEC and Ripple have already reached an agreement, with the details expected to be released on June 14. However, none of the parties has commented on the rumor making the rounds in the XRP community.
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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