Ripple Releases Another 1 Billion XRP Tokens From Escrow
- DDDOriginal
- 2024-10-01 21:38:13253browse
Ripple, the San Francisco-based crypto payment provider, has released another one billion XRP tokens from its escrow accounts, according to a Whale Alert report.
Crypto payment provider Ripple has released another batch of XRP tokens from its escrow accounts, as reported by Whale Alert on Oct. 1. The tokens were released in three separate transactions, with a total value of around $621.79 million.
The first transaction saw 500 million XRP tokens being released from Ripple's escrow holdings, which are valued at around $310.65 million.
The second transaction released another 400 million XRP, with an estimated value of $248.89 million.
Finally, the last transaction saw the remaining 100 million tokens being released from escrow, which are valued at $62.25 million.
These tokens were released as part of Ripple's escrow system, which was established in late 2017 to stabilize the XRP market. The company placed 55 billion XRP in a series of escrows, each holding one billion XRP, which would be gradually released over the same number of months. The final installment of this release is scheduled for April 2027.
In response to this release, the price of XRP rose by around 3% in just a couple of hours. This price increase brought the token back above a crucial dynamic resistance level that has been in place since 2022.
Interestingly, the week leading up to the unlocking saw XRP perform at its best in recent months, with a surge of 9.21% at one point. Currently, XRP is trading at around $0.6274 per token, which marks its highest price since the end of July.
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