Leading crypto payments company Ripple unlocks an additional 500 million XRP from escrow for August as the token’s price crashes to $0.57.
Whale Alert, a popular crypto whale tracking resource, indexed the latest transaction in an X post yesterday. According to data from Whale Alert, Ripple’s escrow system released the 500 million XRP in a single transaction into rDq…EsF, an address affiliated with the crypto payments company, at 22:38 (UTC) yesterday.
This address currently boasts a balance of 500 million XRP. At the time of the transaction, the released funds were worth $281,693,718 ($281.69 million).
Ripple Escrow Execution Calls Donald Trump The Crypto President
Notably, the transaction came with an interesting memo referring to former U.S. President Donald Trump as the “Crypto President.” The memo also quizzed whether the Republican Party’s presidential candidate would become the official president of the Digital Asset Investor channel.
Additionally, the memo categorically stated that Ripple did not write the memo’s details. Instead, it was written by an XRP holder, who uses the pseudonym “Bradisms.”
Ripple Previously Unlocks 500M XRP For August
The recent transaction follows the initial release of 500 million XRP from escrow yesterday, August 2. As reported earlier, Ripple’s escrow system released the 500 million XRP in two tranches: 300 million and 200 million XRP, respectively.
Following the latest release of 500 million XRP, Ripple has now unlocked 1 billion tokens from escrow for August.
800M XRP Re-locked in Escrow
It bears mentioning that Ripple’s affiliated blockchain addresses have been involved in several transactions this month. Since the beginning of the month, these addresses have shuffled more than 1 billion XRP.
Out of the 1 billion XRP shuffled this month, 800 million XRP were re-locked in escrow, which is the typical practice of the company’s escrow program.
For context, Ripple usually unlocks 1 billion XRP. Afterward, the company re-locks 800 million XRP of the total sum while using the remaining 200 million XRP to cater to its business operations. However, this month, Ripple deviated from the usual routine by re-locking the 800 million XRP from its existing balance before unlocking the 1 billion tokens.
XRP Price Drops to $0.57
Meanwhile, the recent transaction coincided with a significant dip in XRP’s price. A few hours after Ripple unlocked the 500 million tokens from escrow, the price plunged below $0.55.
However, it did not take up to an hour before XRP surged above the $0.55 price territory. At the time of writing, XRP is trading at $0.5711, reflecting a daily decline of 1.35%.
Recall that XRP ranked among the best-performing altcoins in July, reaching a monthly high of $0.65. However, XRP started August with a huge decline and has already plunged by 11.1% this month.
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