Ripple Re-Locks 800,000,000 XRP in Escrow, Yet XRP Still Falls

Data from Whale Alert confirms that San Francisco-based company Ripple has re-locked 800 million XRP into its escrow accounts.

According to the data, Ripple re-locked 800 million XRP in three transactions, with each containing 500 million, 200 million, and 100 million XRP. This development occurred shortly after the company’s escrow system unlocked 1 billion XRP for the month of October. 

Ripple’s Latest XRP Movements and Re-Locks 

As reported earlier, Ripple witness the unlocking of 1 billion XRP from escrow to two of its wallets, rw2hzL…JWg3wY and rDqGA2…mKxEsF. Both addresses received 500 million XRP each, totaling 1 billion XRP.

A few hours after the transaction, Ripple moved 500 million XRP from rDqGA2…mKxEsF to rDdXi…FWeCK. The company also transferred 300 million XRP to rKDvg…co2op from rw2hzL…JWg3wY around the same time.

Following the transactions, Ripple has now locked these funds in escrow across three transactions, representing 80% of the 1 billion XRP unlocked on October 1.

The first re-locking transaction, containing 500 million XRP ($314.84 million), took place yesterday at 12:25 p.m. (UTC). Notably, Ripple re-locked the funds using the rDdXi…FWeCK blockchain address. 

Furthermore, Ripple locked back 300 million XRP in two tranches (200 million XRP and 100 million XRP) using rKDvg…co2op. At the time of the transaction, the 300 million XRP was worth $189.02 million.

Given the latest transactions, Ripple is now left with 200 million XRP ($120.4 million) from the October release. The San Francisco-based company could sell the tokens anytime to cater to its business expenses.

XRP Investors Unfazed by Ripple’s Recent Unlock 

It bears mentioning that XRP community members are conversant with Ripple’s monthly release. Hence, the transaction did not trigger panic. The company usually releases 1 billion XRP monthly and re-locks 800 million tokens in escrow. 

While Ripple occasionally deviates from the routine unlock pattern, as witnessed earlier this year, the company has resolved the issue in recent escrow releases. 

Both October and September followed the usual routine, involving the release of 1 billion XRP on the first day of each month and the re-locking of 800M XRP a few hours later. 

Meanwhile, XRP is trading at $0.602, representing a 4.04% price drop over the past 24 hours. This decline is not isolated to XRP alone. Other crypto assets, including Bitcoin and Ethereum, have registered huge dips, totaling 3.56% and 6.3%, respectively. At press time, the global crypto market cap is down 4.24% in the past day to $2.17 trillion.