Every month, on the first day, Ripple has a routine: they release a specific amount of their XRP tokens. This system, ingrained in the XRP Ledger, will kick into action again on October 1, 2023. The spotlight is on a big number this time: 1 billion XRP tokens, shared across three different transactions. Let’s delve into this fascinating protocol and see what might happen next.
October’s Big Release
This October, Ripple’s plans are clear. They are set to release 1 billion XRP tokens. The split? Three transactions: 100 million, 400 million, and a whopping 500 million XRP. To give you a clearer picture, this is 1.87% of all the XRP that’s currently out there (53.31 billion). The rest, 46.69 billion XRP, is with Ripple and will come out in phases until February 2027.
The Wallets Behind the Scenes
All this action happens in two special wallets Ripple has:
- Ripple (22): From here, 500 million XRP, which got locked up on July 1, 2019, will come out. Remember the transaction ID “D0C3E…7568F.”
- Ripple (23): A busy wallet this month! It’ll let go of 100 million XRP and 400 million XRP. These were locked on July 1, 2019, and August 1, 2019, respectively. Note the transaction IDs “532CD…1E4D2” and “574D0…25F89.”
Together, these wallets keep a stash of 5 billion XRP. The monthly releases from these will be over by February 29, 2024.
Why This Monthly Ritual?
When Ripple started in 2012, they had a limit: only 100 billion XRP tokens in total. 20 billion went to the folks who started it all, leaving 80 billion with Ripple. To avoid flooding the market suddenly, Ripple decided on a plan: 1 billion XRP tokens released every month for 55 months (that’s 55 billion XRP). But not all this went out to the market. Some got pushed to future dates for release. Fast-forward to September 2023. 1 billion XRP tokens, valued at $500 million, came out. Ripple, being its usual self, put 800 million XRP (that’s 80% of it) back for release in 2027. Plus, they used 100 million XRP on September 11 and a few more on September 18 and 22.
In Summary
Ripple’s monthly routine with its XRP tokens isn’t just a numbers game. It’s about being smart with their assets, ensuring the market remains steady. By studying these patterns, we can understand Ripple’s game plan and its effect on the crypto world.
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Source: https://cryptoticker.io/en/ripple-xrp-october-2023-release/