thecryptobasic.com
The Ripple escrow unlock schedule has released exactly 1 billion XRP for the month of November, coinciding with a bearish close to October.
Market tracking resource Whale Alert spotlighted part of the latest escrow execution movements, which occurred across three uneven transactions at midnight today.
Two of the three transactions involved the Ripple address “rw2…3wY.” At midnight today, the Ripple escrow unlock schedule released 400 million XRP worth $203.7 million to this address. Simultaneously, the address also received another batch of 100 million XRP valued at $50.94 million.
Interestingly, the “rw2…3wY” has been inactive for a month, a pattern observed with Ripple’s escrow accounts. Notably, the address witnessed the release of 500 million XRP last month and transferred all the tokens to another Ripple address ten hours later.
Meanwhile, amid the latest Ripple escrow unlock exercise, a second address “rDq…EsF” received 500 million XRP worth $254.7 million from the third escrow execution transaction. This brought the total tokens released for November to 1 billion.
Typical Ripple Escrow Unlock Pattern Resumes
At press time, both addresses “rw2…3wY” and “rDq…EsF” have retained their tokens, with each holding a balance of 1 billion XRP.
If the usual pattern continues, these addresses are likely to send out the assets hours later today, with Ripple locking back 800 million XRP and retaining 200 million for operational purposes.
It bears mentioning that the Ripple deviated from this pattern earlier in the year, when the escrow unlocks became erratic for a few months. During this period, some months witnessed the release of less than 1 billion tokens.
However, the pattern appears to have stabilized over the past three months. Meanwhile, the latest Ripple escrow unlock execution comes at a time when XRP is battling to reclaim some of its previous losses.
XRP Closes October with 16% Loss
Following a mild uptick to a high of $0.53 on Oct. 29, XRP witnessed a correction that saw it drop 3.71% over a two-day timeframe, as it closed October with a massive 16.74% loss, its largest monthly loss since April.
XRP has gained by a meager 0.98% this morning, currently trading for $0.5138 at press time. Despite this mild rise, the altcoin would need to record a push toward its 50-day SMA at $0.5543 to flip its momentum to bullish.