Ripple has released 1 billion locked XRP tokens from an unknown wallet. According to the whale-tracking site Whale Alert, Ripple released the tokens in two transactions of 500 million XRP each. 

The recent action follows Ripple’s monthly routine when it unlocks tokens from a pre-timed Escrow system. Ripple designed its Escrow system to lock some amounts of XRP in a smart contract over a pre-programmed time. This system creates a predictable and stable XRP circulating supply.

The California-based fintech company has practiced this system monthly since 2018, except in November 2022.

Ripple Mobilizes Locked XRP Tokens For its ODL Services

Whale Alert captured the transaction on May 1 and highlighted the two transactions simultaneously. In detail, the first transaction, tagged “Escrow Execution #18,” released 500 million XRP to a Ripple-designated account.

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The second transaction, tagged “Escrow Execution #21,” released 500,000,000 XRP tokens to another Ripple account, resulting in a balance of 1 billion XRP. At the time of the Escrow unlock, each 500 million XRP was worth $243.8 million.

Ripple mobilizes the fund to provide liquidity for its On-Demand Liquidity (ODL) partners. But the unlocked funds are still in Ripple accounts as of now. Following the usual pattern, when Ripple finally moves them for its ODL services, the remaining XRP tokens will return to Escrow.

After the February 1 billion token release round, Ripple relocked 600 million XRP in two transactions in Escrow. Notably, the fintech company sells the unlocked assets to ODL partners while it purchases XRP used for its operations from the free market.

According to the quarterly Go to Source to See Full Article
Author: Eli Dambel

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