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Ripple has put back 800M $XRP coins in escrow despite unlocking only 500M $XRP on the first day of March.
Leading crypto payments company Ripple has locked 800 million $XRP in its escrow accounts. According to data from Whale Alerts, Ripple locked the $XRP coins in three different transactions on March 1.
Ripple Locks 800M $XRP
For the first transaction, Ripple locked 100 million $XRP worth $59.48 million in the escrow account on March 1 at 18:50 (UTC).
🔒 🔒 🔒 🔒 🔒 🔒 100,000,000 #$XRP (59,486,782 USD) locked in escrow at #Ripplehttps://t.co/KACz527DPn
— Whale Alert (@whale_alert) March 1, 2024
Similarly, the leading crypto payments company also put back another 200 million $XRP valued at $118.94 million in the escrow wallet. The transaction took place at the same time as the first.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 200,000,000 #$XRP (118,947,658 USD) locked in escrow at #Ripplehttps://t.co/GBbwE3OnK3
— Whale Alert (@whale_alert) March 1, 2024
Lastly, Ripple also locked the last batch of $XRP for March 2024, which saw a lump sum of 500 million $XRP put in the escrow account. At the time of the transaction, the tokens were worth $297.65 million
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 500,000,000 #$XRP (297,659,668 USD) locked in escrow at #Ripplehttps://t.co/QtilDlzVKZ
— Whale Alert (@whale_alert) March 1, 2024
Ripple Unlocks Only 500M $XRP in March
According to data from Whale Alert, it appeared that Ripple deviated from the monthly schedule program set for its $XRP escrow service. Typically, Ripple usually unlocks 1 billion $XRP on the first day of each month before putting back 800M $XRP in the escrow wallets.
The tokens are unlocked in three tranches- 500 million, 400 million, and 100 million $XRP coins, respectively. After the 1B tokens are unlocked, Ripple locks back 800M $XRP in escrow in three transactions- 500M, 200M, and 100M $XRP.
Like last month, the Whale Alert service did not index Ripple’s token unlock of 1 billion $XRP. Upon further analysis, The Crypto Basic discovered that Ripple unlocked 500 million $XRP on March 1 at 00:00 (UTC).
Ripple also attempted to unlock another substantial amount of $XRP yesterday, but the transaction failed. The failure error indicated that the transaction referenced a non-existing escrow object.
Whether Ripple will unlock the remaining 500 million $XRP later this month remains to be seen. Recall that Ripple initially unlocked 600M $XRP on February 1. Due to an error, the company could not unlock the remaining 400M $XRP to complete the total sum of 1B coins.
Notably, the error was resolved on February 25, allowing Ripple to unlock the remaining 400M $XRP for the month of February.
Ripple could follow a similar pattern in March and unlock the remaining 500M $XRP to complete 1B $XRP programmed to be released monthly.