u.today
San Francisco-based blockchain company Ripple has unlocked 400 million $XRP tokens, worth approximately $217 million, from its escrow account, according to Whale Alert.
This move has sparked widespread intrigue within the community because of its unexpected timing. Moreover, there is a bizarre memo accompanying the transaction. The memo cryptically questioned the execution of February's escrow and included peculiar shout-outs: "February escrow was not executed? Hmm. !!TRWBT!! Welcome back Hodor!! John Deaton!!"
Unusual timing
The $XRP community has been left puzzled by the recent unlock, with many pointing out that the timing does not align with Ripple's usual schedule.
The X social media network saw a wave of reactions from community members. Comments ranged from speculation about the unlock being a week early to theories suggesting it could be three weeks late.
This unusual event follows a February transaction where only half a billion $XRP tokens were locked in escrow, contrasting with the amount unlocked in January.
Ripple's escrow practices
Ripple typically unlocks a significant amount of $XRP tokens from its escrow account on the first day of every month, a practice that has become a standard part of its operating procedure.
This mechanism is designed to provide transparency and predictability to $XRP's supply, ensuring that no more than a predetermined amount of tokens can be sold in the market at any given time.
By doing so, Ripple aims to mitigate the risk of market manipulation and maintain stability in $XRP's price.
The monthly unlock also serves to fund Ripple's operations, development projects and investments in the blockchain ecosystem.