Whale Alert, a cryptocurrency data aggregator, reports that Ripple has released a further 1 billion XRP from its escrow accounts.
On October 1, Ripple’s escrow mechanism released 1 billion XRP coins once more as planned. This is something that Ripple does on the first of every month.
https://x.com/whale_alert/status/1708270569974649267?s=20
Three transactions were used to release the 1 billion tokens. In the first transaction, a sizable 400 million XRP token chunk valued at $205,914,675 was released from the Ripple escrow. Next, 100 million XRP worth $51,478,668 were released, and in the final transaction, 500 million XRP tokens valued at $257,393,344 were released from the escrow.
To stabilise the XRP market, Ripple launched the escrow mechanism in December 2017. In a series of escrows, each containing 1 billion XRP, the company put aside 55 billion XRP to be disbursed monthly over a 55-month period. The last tranche might be released in December 2023, based on the projected timeline.
Typically, 200 million XRP is added to the supply while about 800 million XRP is returned to escrow and frozen until the following month.
According to Whale Alert, Ripple transferred 75 million XRP to an unidentified wallet over the course of the previous 12 hours.
The fifth-largest cryptocurrency, XRP, seems to be having a good month so far. The price of XRP is currently rising as optimism for a successful “uptober” persists.
Surprisingly, XRP completed the month in the black, although with a 0.84% marginal gain, despite profit-taking on September’s final day and the emergence of a bearish death cross signal.
At the time of writing, the price of XRP was $0.517, up 0.25% over the previous day.
