Ripple has re-locked 800 million XRP into its escrow accounts, according to data from Whale Alert. This action took place shortly after the company’s escrow system unlocked 1 billion XRP for October.
Details of the Transactions
Ripple re-locked the 800 million XRP in three separate transactions: 500 million, 200 million, and 100 million XRP. The unlocking of 1 billion XRP occurred earlier, distributing 500 million XRP each to two wallets: rw2hzL…JWg3wY and rDqGA2…mKxEsF.
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A few hours post-unlocking, Ripple transferred 500 million XRP from rDqGA2…mKxEsF to rDdXi…FWeCK. Concurrently, it moved 300 million XRP to rKDvg…co2op from rw2hzL…JWg3wY. As a result, Ripple has locked back 800 million XRP, which represents 80% of the 1 billion XRP unlocked on October 1.
Escrow Re-Locking Breakdown
The first re-locking transaction, which involved 500 million XRP (valued at approximately $314.84 million), occurred at 12:25 p.m. (UTC) yesterday. Ripple utilized the rDdXi…FWeCK blockchain address for this transaction.
Additionally, the company re-locked the remaining 300 million XRP in two parts: 200 million and 100 million XRP, using the address rKDvg…co2op.
At the time of these transactions, the 300 million XRP was worth around $189.02 million. Following these transactions, Ripple retains only 200 million XRP (worth $120.4 million) from the October release. The company has the option to sell these tokens for its operational expenses.
Community Reaction and Market Trends
XRP community members are familiar with Ripple’s monthly release routine. As a result, the recent transaction did not incite panic. Ripple typically releases 1 billion XRP each month and re-locks 800 million tokens shortly afterward.
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Though Ripple sometimes deviates from its established pattern, it has managed to maintain stability in recent escrow releases. Both the October and September transactions adhered to the usual schedule of releasing 1 billion XRP on the first day of the month and re-locking 800 million soon after.
Despite the escrow activity, XRP’s price has dropped to $0.602, reflecting a 4.04% decline over the past 24 hours. This downturn is part of a broader trend, as other cryptocurrencies like Bitcoin and Ethereum also experienced significant drops of 3.56% and 6.3%, respectively. At the time of writing, the global crypto market cap has decreased by 4.24% over the past day, standing at $2.17 trillion.
