Ripple has made another programmed release of crypto
Ripple Labs has recently unlocked a billion XRP tokens from its escrow, surpassing the month of February. @XRP_EscrowBot has identified four transactions in the last ten hours, consisting of 2 transactions of 400 million XRP and 2 transactions of 100 million XRP.
400,000,000 XRP just released as part of Ripple’s monthly escrow process.
Every release is followed by a re-escrow transaction. Learn about Ripple’s XRP escrow process here: https://t.co/6WPmhRS6Qm
— XRP Escrow Bot (@XRP_EscrowBot) March 1, 2023
Although Ripple is currently facing legal challenges from the SEC, the price of XRP has risen by approximately 2.5% in the past 24 hours. On March 1st, Ripple scheduled another cryptocurrency release, moving a billion XRP tokens from escrow accounts valued at $383,946,000 based on the current XRP/USD exchange rate.
XRP/USD 4-hour chart | Source: TradingView
Ripple has been regularly withdrawing 1 billion XRP on the first day of each month for the past 62 months, as indicated by data from XRParcade. However, this does not mean all 62 billion XRP tokens have been sold.
Instead, most of the tokens withdrawn are returned to escrow, and only a portion is released. Specifically, of the 62 billion XRP tokens unlocked since January 2018, Ripple has returned 50.1 billion XRP to escrow by unlocking one billion XRP and then returning 700 million to 800 million XRP each time.
In addition to returning a portion of the unlocked XRP tokens to escrow, Ripple uses the remainder for various purposes, such as covering operational expenses, sending XRP to its ODL corridors or customers, and selling on the market.
As a result, 50.1 billion XRP has been returned to escrow out of the 62 billion XRP tokens unlocked since January 2018. Currently, Ripple still has 43.1 billion XRP tokens locked in escrow.
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