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Sujit Kumar
Oct 1, 2024
by Sujit Kumar

Ripple Unlocks 1 Billion XRP Tokens Amid Market Fluctuations

Ripple Unlocks 1 Billion XRP Tokens

Table of contents

  1. XRP Market Performance
San Francisco-based payments firm Ripple has unlocked 1 billion XRP tokens from escrow as part of its routine monthly procedure. The release, valued at approximately $621.78 million, occurred in three separate transactions, all executed by a blockchain account known as OffEscrowerOfDai. According to data from Whale Alert, the first release of 500 million XRP, worth $310.64 million, was made at 02:53 UTC, followed by 400 million XRP ($248.88 million) and 100 million XRP ($62.24 million).

Re-Locking of Funds Expected

As part of Ripple’s typical escrow operations, 80% of the released tokens, or 800 million XRP, are expected to be re-locked in escrow shortly. This is a standard practice for the company, ensuring controlled circulation of XRP in the market. In September, Ripple followed a similar pattern by unlocking and then re-locking 1 billion XRP tokens. The remaining 200 million XRP, which are not re-locked, are often used to support Ripple’s business activities.

Some community members have speculated that Ripple might use these retained tokens to fulfill obligations such as its $125 million payment to the SEC, stemming from a recent legal settlement over securities violations.

XRP Market Performance

Despite the token unlock, XRP has seen a decline in its price over the past 24 hours, dropping 4.26% to $0.6203. However, on a broader scale, XRP has risen 5.26% in the past week and 11.09% over the past month. The recent drop is part of a larger correction affecting the overall cryptocurrency market, rather than being solely attributed to Ripple’s token unlock.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Ripple XRP tokens amid market fluctuations
Ripple Unlocks 1 Billion XRP Tokens Amid Market Fluctuations
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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