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San Francisco-based crypto heavyweight Ripple Labs has made another release of its funds from escrow, releasing an astounding billion XRP tokens as March has left February behind.
Four transactions, carrying 2 x 400,000,000 and 2 x 100,000,000 XRP have been noticed by @XRP_EscrowBot over the past 10 hours.
In the meantime, over the past 24 hours, the price of the sixth largest cryptocurrency, XRP, has demonstrated a modest rise of nearly 2.5%.
Another billion XRP unleashed by Ripple
On March 1, today, the crypto giant, which is currently having a difficult period battling the SEC in court, Ripple has conducted another programmed release of crypto, moving a billion XRP tokens from escrow accounts.
This amount of XRP is the equivalent of $383,946,000 at the current XRP/USD exchange rate.
Ripple has been withdrawing one billion of these tokens on a regular basis on the first day of each month. Data shared by the XRParcade platform shows that Ripple has been doing this for 62 months already.
However, this does not mean that it has moved 62 billion XRP out to dump on the market.
400,000,000 XRP just released as part of Ripple's monthly escrow process.
— XRP Escrow Bot (@XRP_EscrowBot) March 1, 2023
Hash: 2356B096A6D2DE9C77047B59B4E98950CC92C0457425A0BF30848F947CBD4552
Every release is followed by a re-escrow transaction. Learn about Ripple's XRP escrow process here: https://t.co/6WPmhRS6Qm
Here's how much XRP has actually been released
The actual amount of released XRP tokens is a lot less since the majority of XRP withdrawn every month is usually locked back in escrow. According to the aforementioned XRP-focused source, from the 62 billion that Ripple has unlocked since January 2018, it has put 50,100,000,000 XRP back. Each time, the company unlocks one billion and then sends back 700 million-800 million XRP to escrow.
The rest of the unlocked funds is used by the company to sell and cover its own operational costs or to send XRP to its ODL corridors or customers.
Thus, overall, a total of 50,100,000,000 XRP has so far been put back in escrow after withdrawals over the past five years. Currently, Ripple still holds 43,100,000,000 XRP locked.
Vladislav Sopov