thecryptobasic.com
In a routine procedure, San Francisco-based payments company Ripple has witnessed the unlocking of 1 billion $XRP tokens from escrow.
The development, which occurred in the early hours of today, saw the company’s escrow wallets release 1 billion $XRP, valued at $621.78 million, across three transactions.
Transaction Details
Data from Whale Alert shows that the escrow system first unlocked 500 million $XRP ($310.64 million) today at 02:53 UTC. Six minutes later, the second escrow release, containing 400 million $XRP ($248.88 million), was executed.
Afterward, the Ripple escrow system unlocked the last batch of $XRP for October, featuring 100 million tokens worth $62.24 million. This transaction was executed at exactly 03:00 UTC, bringing Ripple’s total $XRP unlock for October to 1 billion $XRP.
It bears mentioning that all three transactions were initiated by OffEscrowerOfDai, a blockchain account frequently associated with Ripple’s monthly $XRP unlocks.
Ripple Expected to Re-Lock 800M $XRP in Escrow
Meanwhile, Ripple is expected to re-lock most of the funds back in escrow as part of the usual procedure. Notably, the company typically re-locks 80%, or 800 million $XRP, in escrow after releasing 1 billion tokens on the first day of each month.
The Crypto Basic reported that Ripple followed this pattern last month during its September escrow release, unlocking 1 billion $XRP and re-locking 80% of the funds in escrow. The retained 200 million $XRP might have been used to advance the company’s businesses.
Interestingly, this transaction coincided with the timeline for the company’s payment of $125 million to the SEC following its violation of federal securities laws.
Many community members then speculated that Ripple could sell the 200 million $XRP to pay the fine.
$XRP Plunges 4.26% in 24 Hours
In the meantime, $XRP is trading at $0.6203, down 4.26% over the past 24 hours. Conversely, $XRP is up 5.26% in the past seven days and 11.09% in the monthly charts.
It remains unlikely that Ripple’s recent $XRP unlocks affected the token’s performance in the past 24 hours, as the broader crypto market has also seen huge corrections within the same timeframe.