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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. As usual, Ripple released the XRP tokens on Oct. 1, which is its standard practice for the first day of each month.
The release of the one billion tokens was done in three separate transactions. The first one released 500 million XRP tokens, worth about $310.65 million, from Ripple's escrow holdings.
Alex DovbnyaNext, another 400 million XRP, with an estimated value of $248.89 million, were released. The last transaction saw the last hundred million tokens, valued at $62.25 million, released from escrow.
Ripple rolled out its escrow system at the end of 2017, with the goal of stabilizing the XRP market. The company set aside 55 billion XRP in a series of escrows, each with one billion XRP, to be released gradually over the same number of months. Based on the current plan, the last portion of the release is expected to happen in April 2027.
XRP price outlook
In response to this, the price of the XRP token shot up by about 3% in just a couple of hours. As a result, the price bounced back above a crucial dynamic resistance level that stretches from 2022.
Gamza KhanzadaevIn a surprising turn of events, the week before the unlocking saw the best performance for XRP in the last few months, with a surge of 9.21% at one point. Currently, XRP is trading at around $0.6274 per token, marking its highest price since the end of July.
Valeria Blokhina
Yuri Molchan
Dan Burgin
Alex Dovbnya