The crypto market has witnessed another unlocking of XRP tokens from Ripple’s escrow account on Thursday, October 2nd, as the much-anticipated “Uptober” season kicks off to a bullish start.
According to data from blockchain tracking platform Whale Alert, a total of 1 billion XRP tokens were unlocked from escrow in less than an hour.
The unlocked tokens are valued at approximately $3 billion, based on XRP’s trading price at the time of the event. Notably, the release occurred in four separate transactions: two batches of 400 million XRP each and two batches of 100 million XRP each, summing up to a total of 1,000,000,000 XRP.
While the move comes as no surprise, it marks the fulfillment of Ripple’s scheduled monthly release of XRP, typically on the first of every month. However, this month’s unlocking carried a slight twist, as it was delayed until the second day.
What’s Ripple up to?
The move has sparked discussions within the XRP community, with speculations about its impact on XRP’s ongoing price movement. It is important to note that the San Francisco-based blockchain company has committed to the escrow system as a way to control XRP’s circulation and mitigate oversupply, which could otherwise threaten the token’s value.
Although Ripple consistently unlocks up to 1 billion XRP each month (often returning a portion back to escrow after limited sales), this month’s unlock has drawn more attention, given the hype surrounding Uptober.
Coinciding with XRP’s strong momentum, the timing has fueled optimism. The token recently broke above the $3 resistance level, with market watchers suggesting that the unlock could further propel its price upward.
According to data from CoinMarketCap, XRP has surged 3.98% in the past 24 hours and is trading at approximately $3.04 as of press time.
Although increased supply can sometimes trigger short-term corrections by reducing scarcity, analysts argue that this month’s move could instead provide the liquidity required for institutional adoption, thereby supporting further upside momentum.
With decisions on the XRP ETF now entering their final stages, investors remain confident in XRP’s potential throughout October.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team