1 Billion XRP Unlocked by Ripple, Here's How Much It Still Holds After 62 Months

Wed, 03/01/2023 - 10:16
Yuri Molchan
Fintech behemoth Ripple has made another programmed release of crypto
Cover image via stock.adobe.com
Read U.TODAY on
Google News

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.

Dogecoin (DOGE) to Start Trading on This Major Exchange

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The actual amount of released XRP tokens is a lot less since the majority of XRP withdrawn every month is usually locked back in escrow.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.

About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.