- Ripple has unlocked 1B XRP tokens from an escrow account worth over $560M.
- The unlocked tokens currently reside in the Ripple 24 wallet.
- Despite the unlock, XRP’s price sees a 1.2% gain, trading at $0.567.
The crypto community has awakened to a significant influx of XRP tokens flooding the market, with billions of units released, as highlighted by a recent update from market tracker Whale Alert. The report specifically noted that 1 billion XRP has been unlocked from an escrow account on the XRP Ledger.
Notably, the unlock occurred through three transactions. The first released 500 million XRP, valued at over $280 million. This escrow execution took place precisely at 02:46:22 UTC on September 1. Within just two minutes, a second unlock of 200 million XRP, worth approximately $112 million, followed.
The third transaction released 300 million XRP, valued at over $167 million, bringing the total to 1 billion XRP that entered the market early today.
While Whale Alert has designated the sources of these XRP escrow unlocks as “unknown,” blockchain explorers have identified Ripple as the entity behind the 1 billion XRP unlock. Specifically, all 1 billion XRP were released from the “Ripple 24” wallet, one of Ripple’s most active addresses, which was activated over seven years ago.
Essentially, Ripple has successfully executed its September escrow schedule using the same address employed for the August unlock.
As of now, the 1 billion XRP still resides in the Ripple 24 wallet and has not been moved for further distribution. Expectedly, Ripple’s escrow execution has sparked various reactions from community members.
Crypto analyst Nilesh Rohilla commented that these continuous unlocks are becoming a mystery for XRP holders, leading him to declare “RIP to XRP.” Another X user, David Baker, noted that amid this massive release of XRP, a significant dump is likely coming, which could drive down its price.
Meanwhile, at press time, XRP has registered a growth of 1.27% over the last 24 hours, trading at $0.567. Interestingly, XRP is posting positive gains today while other assets wallow in negative returns.
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