Ripple has conducted its regular monthly XRP escrow lock, speculated to be a move solely aimed at managing XRP's liquidity and supply.
The move, which was executed during the latter hours of May 1, shows that Ripple has concluded its total escrow lock for XRP, involving about $974 million worth of tokens.
Ripple concludes XRP escrow lock for May
While the blockchain firm had initially unlocked a total of 1 billion XRP during the early hours of the day, data from popular blockchain monitoring firm Whale Alert shows that the firm has locked 700 million of them again in less than 24 hours.
While this is a pattern often observed every month, it appears that Ripple has successfully completed its May escrow distribution process, potentially maintaining the asset's predictable supply flows.
XRP in May
While XRP has started the new month on a strong note and Ripple has successfully conducted its regular supply management process, the XRP community is optimistic about the asset's potential performance in May.
Nonetheless, analysts have predicted stronger price performance for XRP as the asset has already recorded a decent monthly gain of 1.37% just two days into the new month.
Although XRP has remained stable around the $1.38 mark, it is still flashing positive signals after recording a modest increase of 0.16% over the last 24 hours.
Despite the static price movement, demand appears to be on the rise as XRP has continued to see a steady decrease in its exchange reserve since the new month.
Dan Burgin
U.Today Editorial Team
