Ripple Unleashes 1 Bln XRP Amid Price Surge

In a strategic move, Ripple, the cryptocurrency giant, has unleashed 1 billion XRP in its monthly token unlock, adding intrigue to the ever-evolving cryptocurrency landscape. This routine practice, observed by leading tracking service Whale Alert, showcases Ripple’s commitment to market stabilization and raises questions about its impact on XRP’s value.

Ripple Unlocks 1 Billion XRP

Ripple, in its routine procedure, has unlocked another 1 billion XRP from its escrow accounts, as reported by Whale Alert. This significant move involves three transactions, with the first unlocking a massive 500 million XRP valued at approximately $301 million.

Following closely, an additional 300 million XRP coins, worth $180.6 million, were unleashed. The final transaction saw 200 million XRP, amounting to $120.4 million, released from Ripple’s escrow account. At the current XRP value of $0.6132, the total unlocked tokens are valued at around $613 million.

Meanwhile, Ripple’s monthly token unlock, a customary practice, stems from the escrow system introduced in December 2017. The company initially locked 55 billion XRP in escrow accounts, planning to release 1 billion each month over 55 months to stabilize the XRP market.

However, Ripple has taken additional steps to ensure market stability, often locking back a significant portion of XRP shortly after the programmed 1 billion coins are released. As of now, Ripple has yet to return some of the newly unlocked 1 billion coins to the escrow account.

Following the December 1 token unlock, Ripple’s escrow balance now stands at 39.9 billion XRP. With previous instances of the company locking portions of newly unlocked XRP, industry watchers anticipate Ripple’s strategic moves in balancing its treasury and influencing market dynamics.

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XRP Price & Recent Whale Transactions

Despite the 1 billion unlock update, the price of the fifth largest crypto remained stable. As of writing, the XRP price noted gains of 1.77% over the last 24 hours and traded at $0.6139, while its market cap rose 1.8% to $33.08 billion. However, the trading volume of the crypto fell around 15% to $884.61 million at the same time.

Meanwhile, a flurry of whale movements has been noted recently in the XRP ecosystem. Firstly, 27 million XRP worth $16.4 million moved from Binance to an unknown wallet, after the 1 billion unlock update.

Subsequently, 26 million XRP valued at $15.6 million shifted from an unidentified wallet to Bitso. Another transfer involved 25.8 million XRP, equivalent to $15.5 million, from an unknown wallet to Bitstamp.

Lastly, a substantial movement of 74.6 million XRP, valued at $45.2 million, occurred from an unidentified wallet to Bittrex. Meanwhile, these transactions have raised speculation about the motives behind these large XRP transfers and the entities involved.

Also Read: HashKey Exchange’s Bitcoin Trading Volume Surpasses Binance, Raising Speculations

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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