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More XRP unlocked from Ripple Escrow.
Less than 24 hours after Ripple unlocked one billion XRP tokens from its escrow wallet, the fintech company released yet another 500 million units of XRP.
According to cryptocurrency tracking service company Whale Alert, Ripple unlocked the new XRP tokens in two separate transactions.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (93,064,198 USD) transferred from Ripple Escrow wallet to Ripplehttps://t.co/BCGFGKSaAg
— Whale Alert (@whale_alert) July 1, 2022
The first transaction saw the blockchain company unlock 300 million XRP worth $93 million from its escrow wallet and the released tokens were immediately transferred to Ripple’s external wallet, while the other transaction featured the release of 200 million XRPs valued at $62.4 million and they were sent to an unknown wallet that has no label.
🚨 🚨 🚨 🚨 🚨 🚨 200,000,000 #XRP (62,428,261 USD) transferred from Ripple Escrow wallet to unknown wallethttps://t.co/AgZvCT5ZGN
— Whale Alert (@whale_alert) July 1, 2022
Ripple’s Token Unlock Initiative
It is important to note that the transactions came moments after Whale Alert announced that Ripple had already unlocked one billion units of XRPs, which was valued at over $300 million in the early hours of Friday.
The tokens unlocked from Ripple’s Escrow wallet are part of a monthly token unlock exercise made by the blockchain company, which started in 2017.
Ripple holds the larger amount of XRP and the company has been gradually releasing one billion units of its XRP stash into the market on a monthly basis.
The idea of gradually releasing the tokens is to keep the price of the cryptocurrency afloat and prevent it from plunging, especially now that Ripple is facing a lawsuit filed by the Securities and Exchange Commission (SEC).
Ripple Moves to Keep XRP Price From Plunging
Ripple also took significant steps to further protect the XRP price by relocking back a larger sum of all newly released tokens. After unlocking one billion XRP monthly, the blockchain company usually puts back 800 million of the total sum into escrow, while the 200 million units are left in the market to cater to Ripple’s daily operations.
Many people expected this yesterday when Ripple unlocked the first one billion XRPs. Ripple did not disappoint its community as it also locked some of the released tokens back to its Escrow wallet.
However, Ripple only put back 700 million XRPs out of the 1.5 billion tokens unlocked yesterday. The transactions took place in two separate lumps, with each containing 500 million and 200 million, respectively.
🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 🔒 500,000,000 #XRP (155,223,015 USD) locked in escrow at Ripple Escrow wallet https://t.co/zhYpaMljmQ
— Whale Alert (@whale_alert) July 1, 2022
🔒 🔒 🔒 🔒 🔒 🔒 🔒 200,000,000 #XRP (62,595,393 USD) locked in escrow at unknown wallet https://t.co/9sYgGneXG6
— Whale Alert (@whale_alert) July 1, 2022
Meanwhile, the price of XRP was not affected by the unlock of another 500 million XRP tokens. The token is only down 0.3% in the last 24 hours and it is currently trading at $0.31.