According to Whale Alert, San Francisco-based blockchain corporation Ripple has freed 400 million XRP coins from its escrow account, totaling around $217 million.
This action has garnered great interest in the community due to its unexpected timing. Furthermore, the transaction is accompanied with a weird note. The message cryptically questioned the implementation of February’s escrow and contained unusual shout-outs: “February escrow was not executed? Hmm. !!TRWBT!! Welcome back, Hodor! “John Deaton!!”
Unusual timing
The latest unlock has perplexed the XRP community, with many pointing out that the timing conflicts with Ripple’s typical timetable.
The X social media network received a flood of responses from community members. Comments varied from conjecture about the unlock being a week early to ideas that it may be three weeks late.
This unexpected incidence follows a February transaction in which just half a billion XRP tokens were held in escrow, compared to the number unlocked in January.
Ripple’s escrow practices
Ripple usually releases a large number of XRP tokens from its escrow account on the first of each month, a process that has become a normal element of its operational procedure.
This system is intended to bring transparency and predictability to the XRP supply, ensuring that no more than a fixed number of tokens can be sold on the market at any one moment.
By doing so, Ripple hopes to reduce the danger of market manipulation while also maintaining price stability for XRP.
The monthly unlock also supports Ripple’s operations, development projects, and investments in the blockchain ecosystem.
