XRP Unlocks Spark After Ripple Releases 1 Billion Tokens
San Francisco-based payments company Ripple has once again unlocked 1 billion XRP from escrow. The release, valued at $621.78 million, happened today in three separate transactions. Ripples escrow system is designed to manage the supply of tokens, releasing 1 billion tokens at the start of each month.
According to data from Whale Alert, the first transaction took place at 02:53 UTC, releasing 500 million XRP, worth $310.64 million. Six minutes later, 400 million tokens ($248.88 million) were unlocked. The final release, involving 100 million tokens valued at $62.24 million, occurred at 03:00 UTC. All these transactions were conducted by a blockchain account known as OffEscrowerOfDai, commonly linked to Ripples monthly releases.
XRP Expected to See 800 Million Tokens Re-Locked
Ripple is expected to follow its usual practice of re-locking 80% of the unlocked XRP, which amounts to 800 million tokens. This approach has been consistent, as seen in the September escrow release when Ripple re-locked 80% of the 1 billion tokens. The remaining 200 million tokens is likely intended for Ripples business operations, including payments or partnerships.
Its worth noting that these releases occur as Ripple settles a $125 million payment to the SEC after facing charges for violating federal securities laws. Some speculate that Ripple could sell part of the unlocked XRP to cover this fine.
XRPs price has experienced volatility, with a 4.26% drop over the past 24 hours, bringing the tokens value to $0.6203. Despite the daily decline, XRP remains up 5.26% over the past week and has seen an 11.09% rise in the last 30 days. The price movement is likely due to broader market corrections, not directly tied to Ripples token unlock.
As Ripple continues its scheduled token releases, the community watches closely for any impact on the market and Ripples future moves.
Read more: https://www.tronweekly.com/xrp-unlocks-spark-after-ripple1-billion-tokens/
Text source: TronWeekly
