Ripple Unlocks 1 Billion XRP Tokens: Solid Start for XRP in October

Ripple has unlocked 1 billion XRP tokens from its escrow accounts, signaling a solid start for XRP in October. Learn more about this significant event in the cryptocurrency market.

Posted 7 months ago in Blockchain

A graphic representation of XRP tokens and keys symbolizing October's unlocking of 1 billion XRP tokens from Ripple's escrow system.

According to crypto data tracker Whale Alert, Ripple has unlocked another 1 billion XRP from its escrow accounts. This is part of their scheduled release of tokens on the first day of each month.

The release was done in three transactions. The first transaction unlocked 400 million XRP tokens worth $205,914,675, followed by another 100 million XRP worth $51,478,668, and finally, half a billion XRP or 500 million tokens worth $257,393,344.

Ripple introduced the escrow system in 2017 to bring stability to the XRP market. They set aside 55 billion XRP in a series of escrows, each containing 1 billion XRP, to be released monthly over 55 months. The final release is expected in December 2023.

Typically, around 800 million XRP is returned to escrow and locked until the following month, with approximately 200 million XRP added to the circulating supply. In the past 12 hours, Ripple also shifted 75 million XRP to an unknown wallet.

Despite profit-taking on September's final day and a bearish death cross signal, XRP ended the month with a marginal gain of 0.84%. As October begins, XRP is trading in the green, giving hope for a positive trend in what enthusiasts call 'uptober.' At the time of writing, XRP was valued at $0.517, up 0.25% in the last 24 hours.

Last updated 10/1/2023, 9:09:20 AM


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