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The crypto market has witnessed another unlocking of $XRP tokens from Ripple’s escrow account on Thursday, October 2nd, as the much-anticipated “Uptober” season kicks off to a bullish start.
According to data from blockchain tracking platform Whale Alert, a total of 1 billion $XRP tokens were unlocked from escrow in less than an hour.
The unlocked tokens are valued at approximately $3 billion, based on $XRP’s trading price at the time of the event. Notably, the release occurred in four separate transactions: two batches of 400 million $XRP each and two batches of 100 million $XRP each, summing up to a total of 1,000,000,000 $XRP.
While the move comes as no surprise, it marks the fulfillment of Ripple’s scheduled monthly release of $XRP, typically on the first of every month. However, this month’s unlocking carried a slight twist, as it was delayed until the second day.
What’s Ripple up to?
The move has sparked discussions within the $XRP community, with speculations about its impact on $XRP’s ongoing price movement. It is important to note that the San Francisco-based blockchain company has committed to the escrow system as a way to control $XRP’s circulation and mitigate oversupply, which could otherwise threaten the token’s value.
Although Ripple consistently unlocks up to 1 billion $XRP each month (often returning a portion back to escrow after limited sales), this month’s unlock has drawn more attention, given the hype surrounding Uptober.
Coinciding with $XRP’s strong momentum, the timing has fueled optimism. The token recently broke above the $3 resistance level, with market watchers suggesting that the unlock could further propel its price upward.
According to data from CoinMarketCap, $XRP has surged 3.98% in the past 24 hours and is trading at approximately $3.04 as of press time.
Although increased supply can sometimes trigger short-term corrections by reducing scarcity, analysts argue that this month’s move could instead provide the liquidity required for institutional adoption, thereby supporting further upside momentum.
With decisions on the $XRP ETF now entering their final stages, investors remain confident in $XRP’s potential throughout October.