Ripple locked back 900 million XRP into its escrow account shortly after it released 1 billion tokens for June.
Data from cryptocurrency whale tracking service Whale Alert shows that Ripple recently sent back 900 million XRP to escrow less than 24 hours after it released 1 billion coins. Recall that the Silicon Valley firm released 1 billion XRP yesterday as part of its usual procedure, as reported by The Crypto Basic.
Details of the Transaction
A few hours after the 1 billion XRP escrow release, Whale Alert detected three transactions involving a total of 900 million XRP transferred back into the escrow wallet. Each involved 200 million XRP, 300 million XRP, and 400 million XRP.
The first transaction, which occurred yesterday at exactly 20:18 (UTC), saw Ripple lock back 200 million XRP worth $101.79M in escrow.
The second transaction occurred barely 5 minutes later and involved the transfer of 300 million XRP valued at $152.7 million to the escrow wallet. Two minutes later, Ripple carried out the third transaction, locking an additional 400M XRP worth $204.18 million in escrow. This suggests that Ripple has locked 90% of the 1B XRP coins it released yesterday.
It is worth noting that the development has been a routine procedure for Ripple. The firm usually locks a significant amount of the XRP coins it releases from escrow monthly while using the remaining tokens to fund business operations.
Notably, Ripple locked back 700 million XRP into escrow last month. The transactions occurred sixteen hours after it released 1 billion tokens from escrow for May. This process helps maintain XRP price stability amid the ongoing SEC lawsuit.
XRP Regains Momentum, Surges 2.3%
The recent escrow executions coincided with an impressive price movement from XRP as the asset has registered a 2.3% gain in the past 24 hours, currently changing hands at $0.5189 at the time of reporting.
The sixth-largest cryptocurrency has been recording slight gains in the past week. Over the past seven days, XRP has rallied more than 11%.
For several market watchers, the recent price surge suggests that investors are confident of Ripple winning the SEC lawsuit. Meanwhile, there is still no official date to determine when the summary judgment decision might come.
Notably, there is ongoing speculation that the case will be concluded before the end of this month. As reported earlier, an XRP community member shared facts supporting widespread speculation.
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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