Ripple has unlocked 1 billion XRP as part of its regular monthly escrow release, according to blockchain transaction tracker Whale Alert.
Three transactions released 500 million, 400 million, and 100 million XRP from Ripple-controlled escrow accounts
The September release follows Ripple’s established escrow mechanism, under which up to 1 billion XRP can become available at the start of each month.
Ripple originally placed 55 billion XRP into escrow in 2017 and said unused XRP would be returned to escrow for future releases.
As of Aug. 31, about 32.28 billion XRP remained locked in Ripple’s on-ledger escrow, according to an on-chain tracker that calculates the balance directly from active XRPL escrow objects.
After the September 1 unlock, that leaves approximately 31.28 billion XRP in Ripple’s existing escrow balance.
That means roughly 31.28% of XRP’s fixed 100 billion maximum supply would remain locked in Ripple’s escrow following the release.
It is important, however, that an escrow unlock does not mean Ripple has sold 1 billion XRP. Ripple has historically re-escrowed the portion of each monthly release.
It is worth noting that the amount of tokens that actually enter the broader market can be substantially smaller than the headline 1 billion XRP figure.
XRP's current price performance
In the meantime, XRP is showing signs of renewed bullish momentum. The cryptocurrency is trading at around $1.39 and gaining roughly 1.7% over the past 24 hours. XRP has climbed approximately 30.8% over the past 30 days and 14.5% over the last 90 days. However, the token remains under pressure on a year-to-date basis.
More than $2.3 million worth of XRP positions have been liquidated over the past 24 hours. Short liquidations account for roughly $1.5 million compared with about $793,000 in long liquidations.
U.Today Editorial Team
Dan Burgin
