Ripple locks back 800 million XRP within 24 hours after releasing 1 billion coins from its escrow accounts.
In a strategic move to maintain stability within the XRP market, Ripple has returned 800 million units of XRP to its escrow account. The leading blockchain company performed the transaction less than 24 hours after it unlocked 1 billion XRP from its escrow accounts.
According to data retrieved by The Crypto Basic from Whale Alert’s X handle, the 800 million XRP were re-locked in two different transactions, with each containing 400M XRP apiece.
? ? ? ? ? ? ? ? ? ? 400,000,000 #XRP (238,370,064 USD) locked in escrow at #Ripplehttps://t.co/gkz1xtBymT
— Whale Alert (@whale_alert) November 1, 2023
? ? ? ? ? ? ? ? ? ? 400,000,000 #XRP (238,491,794 USD) locked in escrow at #Ripplehttps://t.co/NN5dHUoiSm
— Whale Alert (@whale_alert) November 1, 2023
Ripple Re-Locks 800M XRP in Escrow
A closer look at data from XRP Scan provided insight into how Ripple put back the 800M XRP coins in escrow.
Notably, the first 400M XRP coins were locked in escrow by one of Ripple’s addresses tagged as ‘Ripple 10.’ This came after the address received 400M XRP from two other addresses, Ripple 22 and Ripple 23, respectively.
Furthermore, the other 400 million XRP were sent from ‘Ripple 23’ to ‘Ripple 11’ and locked in the company’s escrow account. At the time of the transactions, the total value of the 800M XRP locked was around $476.86 million.
200M XRP Remains Liquid
With 800M XRP put back in escrow from the 1B coins unlocked yesterday, Ripple sent the remaining 200 million XRP from Ripple 22 to Ripple 1.
The 200M XRP, worth $120.8 million at press time, will remain liquid and be spent by Ripple for the day-to-day running of its business.
Ripple Now Holds 40.9B XRP in Escrow
Following the re-lock of 800M XRP, Ripple now holds approximately 40.9 billion XRP in escrow. The leading blockchain company disclosed in its recently published Q3 report that it held about 41.3 billion XRP in escrow as of September 30.
So far, Ripple has released 200 million XRP each for October and November 2023, respectively. As a result, the blockchain company currently has 40.9 billion XRP in escrow.
It is worth mentioning that the escrow system was established in December 2017, with 55B XRP locked in the system. The company programmed the escrow to release at least 1B XRP in 55 months.
However, Ripple usually takes a more conservative approach by returning 800M XRP from every 1 billion coins released from the escrow.
Putting back 800M XRP in escrow had a positive impact on the coin’s price. At press time, XRP was up 4.1% over the past 24 hours to $0.605, according to CoinGecko data.
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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