According to Whale Alert, the well-known blockchain-based payment network Ripple has released an additional 1 billion XRP from its escrow accounts. This planned token release took place on November 1st, in accordance with Ripple’s monthly tradition of releasing tokens on that day.
Three distinct transactions were used to release the one billion tokens, which caused notable market moves. An astounding 100 million XRP tokens, worth around $59.98 million, were released from Ripple’s escrow holdings in the first transaction.
https://x.com/whale_alert/status/1719504563105890378?s=20
Later on, a further 400 million XRP valued $239.92 million were made available. A staggering 500 million tokens, worth $299.9 million, were released from escrow in the final transaction.
In December 2017, Ripple unveiled its escrow mechanism in an effort to stabilise the XRP market. In accordance with this arrangement, the business placed 55 billion XRP in a number of escrows, each holding 1 billion XRP, which would be released progressively over the same number of months.
XRP price reaction
The XRP token’s price temporarily dropped in reaction to this announcement, falling by about 3% that same day. But this decline was soon overcome, and as of right now, XRP is trading at a little discount of 0.8% to its closing price from the previous day.
It is noteworthy that XRP had a strong day the day before the unlocking, rising as high as 10.5% at one point and finishing the day with a 3.74% price rise. At around $0.6 a token right now, XRP is trading at its highest price since mid-August.
