Ripple has carried out its monthly XRP escrow rebalancing, moving a substantial amount of XRP to escrow amid the July escrow unlock.
Ripple carried out the rebalancing over multiple transactions on July 1, transferring substantial amounts of XRP across several wallets before moving them to escrow. Before then, the escrow account had released 500M XRP ($1.08 million) to a Ripple account.
500M XRP Unlocked from Ripple Address
Whale Alert shared this transaction in a Tuesday tweet, which saw a Ripple account receive 500 million XRP from the escrow account. Specifically, the Ripple (27) wallet received the tokens.
Notably, the number falls short of the typical 1 billion XRP typically unlocked from the Ripple escrow account monthly. While there have not been any other escrow unlocks at the time of writing, there could still be further releases during the course of the month.
Meanwhile, the Ripple (27) address did not hold on to the released tokens, as it distributed them quickly to two separate Ripple accounts. First, it shifted 200 million XRP ($434 million) to “rN8pqR” at 23:58 (UTC) yesterday.
A few minutes later, the sending account moved another 300 million XRP ($651 million) to the receiving address “rKwJaG.” Meanwhile, the Ripple (27) address still held 500 million XRP after the transactions.
Ripple Relocks 400M XRP to Escrow
Shortly after the unlocks, Ripple resumed its monthly rebalancing. In particular, the firm locked 400 million XRP ($869 million) with its Ripple (15) address.
However, before locking the 400 million XRP, the address received the tokens from two different wallets. Specifically, wallet “rGKHDy” sent 200 million XRP by 23:55 UTC yesterday before “rHGfmg” sent another 200 million three minutes later to the Ripple (15) address.
XRP’s Price Inconsistency
Meanwhile, the transactions follow XRP’s price inconsistency, following a broader market trend. After breaking to a high of $2.32 on June 30, XRP slumped to $2.15 yesterday following Bitcoin’s retest of the $105,000.
At the time of writing, XRP has recovered slightly from yesterday’s lows, trading at $2.18 at the time of writing. Interestingly, a recent analysis has identified that XRP would reach a minimum price target of $6.5 this month and could potentially extend to $8.
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