According to data provided by blockchain data service Whale Alert, enterprise blockchain company Ripple has unlocked a total of 1 billion XRP tokens on the first day of the month, bringing early clarity.
Unusual pattern
Prior to this, Ripple locked 700 million XRP tokens once again earlier this Monday, breaking its usual pattern of monthly unlocks once again.
Overall, the locked tokens are currently valued at $1.933 billion.
Earlier today, Whale Alert reported that a total of 500 million XRP tokens valued at $1.384 billion was sent from an unknown wallet to Ripple within two transactions.
For years, Ripple’s escrow mechanism would follow the same pattern, with a total of a billion tokens being unlocked from its wallets on a daily basis. Most of the released tokens would typically get relocated while some of them would remain in circulation.
Since March, however, Ripple’s unlocks became significantly more confusing, with the company’s internal XRP relocations taking place before the unlocks.
As reported by U.Today, the same scenario unfolded last month: 700 million XRPs got locked in the beginning of July, and it took more than a week for the company’s monthly unlock to finally show up on Whale Alert.
In April, Ripple CTO David Schwartz explained that a billion tokens always get released on the first day of a given month. However, this activity might not necessarily show up on the ledger since it always waits for someone to actually submit a transaction.
This time, however, Ripple’s monthly unlock showed up on Whale Alert once again on the first day of the month, bringing some sense of normalcy.
XRP price wobbles
The price of the XRP token is currently trading at $2.77 following Ripple’s most recent moves.
The token is down 1.4% over the past 24 hours.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team