Ripple has unlocked 1 billion XRP from its escrow account as price slumps 4%

According to Whale Alert, Ripple released 1 billion XRP from escrow in three transactions in the most recent round of token unlocking.

Whale Alert said the cryptocurrency giant unlocked 500 million XRP worth $271.05 million in the first transaction.

Ripple Labs unlocked another 200 million XRP worth $108.42 million.

The cryptocurrency behemoth completed its most recent round of token unlocking by releasing 300 million XRP from escrow.

The XRP released from escrow is worth $534.61 million at the current exchange rate. Many people who have watched Ripple’s actions in recent years will not be surprised by the current transaction.

Ripple, for example, has been running a monthly token unlock program since 2018. Monthly, the company releases up to 1 billion XRP from its escrow accounts. Since reaching a high of $3.4 in 2018, the value of XRP has plummeted dramatically. The XRP price has fallen due to unfavorable market circumstances and the Ripple vs. SEC lawsuit.

Conversely, Ripple does not intend to collapse the price with its monthly token unlock. As a result, the Silicon Valley tech giant routinely reserves a large portion of its monthly XRP supply to preserve the price. Ripple withheld 600 million XRP in February, shortly after releasing 1 billion currencies from escrow.

As of this writing, Whale Alert has not reported any XRP movement to Ripple’s escrow accounts. Conversely, RippleΒ is expected to freeze some of the newly released currency before next weekend.


XRP/USD 4-hour chart | Source: TradingView

Meanwhile, XRP has fallen 4% in the last 24 hours. The minor drop comes after the sixth-largest cryptocurrency experienced a 44% gain to over $0.57 on March 29. XRP is now trading at about $0.51.

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