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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.