Ripple has released another 1 billion XRP in line with its programmed schedule that started in 2017.
Popular fintech company Ripple Labs has released yet another 1 billion XRP tokens from its escrow wallet into the market.
The transaction, which took place a couple of hours ago, saw the popular blockchain company release the 1 billion XRP tokens in two separate transactions of 500 million tokens each.
With each XRP token changing hands around $0.42, the 1 billion tokens were worth $423 million at the time the cryptocurrencies were released into the market.
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (211,419,017 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/gGDmOK2moz
— Whale Alert (@whale_alert) June 1, 2022
? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (212,030,898 USD) unlocked from escrow at Ripple Escrow wallethttps://t.co/boqIrzh3j8
— Whale Alert (@whale_alert) June 1, 2022
Ripple’s XRP Monthly Unlock from Escrow
It is worth noting that the recent development is part of the ongoing programmed schedule made by Ripple to release 55 billion XRP locked in escrow a couple of years ago.
Since 2017, Ripple has been gradually releasing at least one billion units of XRP on a monthly basis.
At the time Ripple announced plans for the XRP unlock program, many investors of the cryptocurrency feared that the price of the token would be largely affected.
The concerned XRP investors filed a petition on Change.org in a bid to stop the move.
Ripple Protecting XRP Price After Unlocking Tokens
However, things did not go down as many expected, as the price of XRP has not been largely affected by the constant release of the cryptocurrency from Ripple’s escrow account because the company also adopted other measures to keep the price stable.
The company had been involved in locking back a large portion of the cryptocurrency moments after unleashing the tokens into the market.
Like previous months, Ripple usually locks back 800 million XRP of all newly released Ripple cryptocurrency, while adding 200 million to the cryptocurrency’s circulating supply.
Ripple did not take lightly its move to lock back newly released tokens, especially now that the price of the cryptocurrency is down as a result of the company’s ongoing lawsuit with the Securities and Exchange Commission.
At press times, XRP is down 2.5% in the last 24 hours, and it is trading around $0.419. It is not clear whether the coin’s value is down as a result of the 1 billion tokens released in the market because the entire cryptocurrency market is also down by 1.1% in the last 24 hours.
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Source: https://thecryptobasic.com/2022/06/01/xrp-drops-2-5-as-ripple-unlocks-1-billion-tokens-from-escrow/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-drops-2-5-as-ripple-unlocks-1-billion-tokens-from-escrow