Ripple recently unlocked 1 billion XRP from escrow on January 1, 2024. Following the unlock, 80% of the total was re-locked, while the remaining 20% was distributed.
Key Takeaways
- Ripple recently unlocked 1 billion XRP from escrow, re-locking 80% and distributing 20% to various accounts.
- ‘Ripple (1)’ holds 226 million XRP, valued at $131.08 million, which may be subject to market sale in the near future.
- The funds in ‘Ripple (1)’ have followed a pattern of being disbursed to different accounts before being sold on centralized exchanges.
- The total amount re-locked by Ripple now stands at 45.9 billion XRP, equivalent to $26.1 billion.
Unlocking and Re-Locking of XRP by Ripple
On January 1, 2024, Ripple executed its routine unlocking of 1 billion XRP from escrow, a move closely monitored by analysts. Of this total, 80% was promptly re-locked, and the remaining 20% was distributed across different accounts.
Two key accounts, ‘Ripple (22)’ and ‘Ripple (23),’ received 500 million XRP each. Subsequently, ‘Ripple (22)’ transferred 200 million XRP to the company’s spending account, ‘Ripple (1),’ and the remaining 300 million XRP to another address, ‘Ripple (11).’ Similarly, ‘Ripple (23)’ moved 500 million XRP to ‘Ripple (10).’
Remarkably, ‘Ripple (11)’ and ‘Ripple (10)’ chose to lock the received XRP in escrow until May 1, 2027, and June 1, 2027, respectively. As a result, Ripple’s total holdings in escrow now amount to 45.9 billion XRP, valued at $26.1 billion.
Ripple May Dump Over 200,000,000 #XRP This Month. #Ripple #XRPNetwork $XRP https://t.co/aFgM1dxOvN
— TheCryptoBasic (@thecryptobasic) January 4, 2024
Ripple’s Potential XRP Dump
With 80% of the unlocked XRP re-locked, 200 million XRP was sent to ‘Ripple (1).’ As of now, ‘Ripple (1)’ holds 226 million XRP, valued at $131.08 million. This account has historically followed a pattern of dispersing funds to various accounts before initiating sales on centralized exchanges.
To Conclude
In the previous month, ‘Ripple (1)’ received 200 million XRP from ‘Ripple (22),’ and the funds were eventually transferred in tranches to different accounts before reaching centralized exchanges like Bitstamp and Bitso.
While ‘Ripple (1)’ has not made any transactions since receiving the 200 million XRP, historical patterns suggest Ripple may sell. The market is expected to closely watch these transactions for potential impacts on XRP’s value and market dynamics.
