Ripple unlocks 1 billion XRP from its escrow account, following its monthly token unlock program, bringing the total locked in escrow to approximately 40.1 billion XRP.
Key Takeaways
- Ripple releases 1 billion XRP from its escrow account.
- The release occurred in three transactions on October 1.
- Ripple maintains a monthly token unlock program for XRP stability.
- XRP’s Q3 market report reveals significant trading volume and volatility.
Ripple Moves 50M XRP
Ripple, the prominent blockchain company, has once again unlocked a significant amount of XRP from its escrow account, as reported by the crypto whale tracking service Whale Alert.
According to Whale Alert, on October 1, 1 billion XRP was released in three separate transactions. The first transaction involved the unlocking of 500 million XRP, valued at approximately $299.9 million. This was followed by another release of 400 million XRP, worth around $239.92 million. The final transaction saw 100 million XRP, valued at $59.98 million, being unlocked.
In addition to these transactions, Ripple also moved 50 million XRP from one of its accounts to an undisclosed address, resulting in a new balance of 166.34 million XRP for Ripple and 54.72 million XRP for the recipient address.
XRP Q3 Market Report
This 1 billion XRP release is part of Ripple’s routine token unlock program, which occurs on the first day of each month. Ripple introduced this initiative in December 2017 to ensure stability in the XRP markets. Although they release 1 billion XRP monthly, Ripple often relocks a substantial portion to mitigate market volatility. As of now, no relocking has occurred for the recently released 1 billion XRP.
In addition to the XRP unlock, Ripple’s Q3 2023 market report highlights significant developments. XRP experienced substantial volatility when a federal court declared it a non-security, with Q3 ending at a historical 90-day low of 40% volatility. Binance played a pivotal role, accounting for 60% of XRP trading volumes in the quarter.
Moreover, XRP trading volume on the XRPL decentralized exchange surged by 3x in Q3 2023, reaching $218.61 million compared to the previous quarter’s $51.67 million. The number of new XRP addresses also increased by 13.91% in Q3, totaling 157,936.
To Conclude
Ripple’s consistent monthly XRP releases from escrow aim to maintain market stability, but the recent surge in trading volume and volatility show the coin’s growing influence and significance. Binance’s dominant role and the rise of XRPL DEX indicate a bright future for XRP’s adoption. However, the question of whether Ripple will relock any of the newly released XRP remains to be answered, adding an element of uncertainty to XRP’s market dynamics.
