Ripple has re-locked 800 million units of XRP in escrow, which accounts for 80% of the 1 billion XRP recently released from escrow, as reported by Whale Alert.
According to information disclosed by Whale Alert, the decentralized blockchain re-locked the 800 million XRP in three separate transactions, each containing 500 million, 200 million, and 100 million XRP.
Upon detailed examination of these transactions on XRP Scan, it becomes evident that the 500 million XRP coins were escorted from a Ripple 10 address.
Furthermore, the decentralized blockchain secured 200 million XRP in escrow from an additional wallet designated “Ripple 11.” The remaining 100 million XRP were transferred to the escrow account by the company using the identical “Ripple 11” address.
The advancement occurred several hours after the prominent blockchain organization released 1 billion XRP from its escrow account.
As Ripple has placed 800 million XRP in escrow, the industry-leading blockchain company will retain the remaining 200 million XRP.
At any moment, Ripple could introduce the 200 million XRP to the market. The prospective sale of the 200 million XRP will be executed in a manner that maintains the coin’s value, as is customary.
To maintain market stability, Ripple has resolved to re-lock 800 million XRP from every 1 billion XRP monthly release.
Data at press time indicated that XRP was trading for $0.61, an increase of 1% over the previous twenty-four hours. With a market cap of $33.1 billion, XRP remains the fifth-largest cryptocurrency by market capitalization.
As a result of Ripple re-locking 800 million XRP, the escrow balance of the organization is now 40.7 billion XRP. The decentralized blockchain disclosed in its Q3 2023 report that, as of September 30th, it had 41.3 billion XRP in escrow.
The organization has thus far disbursed 200 million XRP in escrow for October, November, and December, for a total of 40,7 billion XRP.
