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.