Ripple has unlocked a whopping 1 billion XRP from escrow in three transactions.
According to Whale Alert, Ripple unlocked the XRP tokens from accounts marked as “unknown.” However, data from XRP explorer Bithomp show that Ripple owns the “unknown” accounts.
Details of Ripple’s Token Unlock
According to Whale Alert, Ripple unlocked the 1 billion XRP tokens in three different transactions. For the first transaction, Ripple unlocked 300M XRP worth $121.62M today at midnight. A few seconds later, Ripple unlocked another 200M XRP ($81.08M) from escrow.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 200,000,000 #XRP (81,080,330 USD) unlocked from escrow at unknown wallethttps://t.co/C8QLRkWfIt
— Whale Alert (@whale_alert) February 1, 2023
It bears mentioning that Ripple routed the two transactions, comprising 500M XRP, to one of its addresses. At the time of writing, the address holds a total of 1B XRP tokens.
Furthermore, Ripple released another 500 million XRP tokens from its escrow account. The 500M XRP tokens were valued at around $200.7 million at the time of the transaction.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 #XRP (202,700,826 USD) unlocked from escrow at unknown wallethttps://t.co/zjgrTl0WFK
— Whale Alert (@whale_alert) February 1, 2023
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Unlike the other two transactions, Ripple routed the funds to a different address owned by the blockchain company. Data from XRP explorer Bithomp show that the address currently holds 1 billion XRP.
In previous months, Ripple usually locked back a large portion of the newly released tokens in its escrow account. In some cases, the Silicon Valley tech company locks back at least 80% of the newly released XRP tokens in escrow, while the other 20% is used to cater for the firm’s day-to-day operations.
However, Ripple is yet to make any move since it unlocked 1 billion XRP from escrow. At the time of writing, the tokens have not been moved to entities using Ripple’s On-Demand Liquidity (ODL) solution. In addition, Ripple has not moved the tokens to crypto exchanges.
XRP Up 4% in 24 Hours
Meanwhile, the recent token unlock did not have a negative impact on the price of XRP. According to data from Coingecko, XRP is trading at around $0.403, up 4% in the past 24 hours.
Meanwhile, the transactions come a day after Ripple published its “Q4 2022 markets report.” As reported, Ripple disclosed that its total XRP sales in Q4 2022 surpassed Q3 by nearly $100M, at about $2.9B.
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Source: https://thecryptobasic.com/2023/02/01/ripple-unlocks-1b-xrp-from-escrow-as-token-price-spikes-4/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-unlocks-1b-xrp-from-escrow-as-token-price-spikes-4