900 Million Ripple (XRP) Unlocked From Escrow Wallet  – The Crypto Basic

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A huge volume of XRP has been unlocked from an escrow wallet. 

According to cryptocurrency whale tracking service Whale Alert, nearly a billion units of Ripple (XRP) were unlocked from escrow earlier today. 

Whale Alert stated that at least 900 million XRP were unlocked from an unknown escrow wallet. The funds were unlocked in two separate transactions.

The first transaction saw a total of 500 million XRP (approximately $188.86 million) unlocked, while the second transaction saw a total of 400 million Ripple coins worth $151 million unlocked from Escrow. 

Timing Corresponds With Ripple’s Token Unlock Schedule

Although the Ripple coins were unlocked from an unknown wallet, the timing corresponds with the regular token unlock being carried out by the fintech company. 

Recall that Ripple has been unlocking at least 1 billion XRP monthly. The initiative started in 2017, and the company has slowly been releasing the 55 billion units of XRP in its possession since then. 

Following the massive decline in XRP price since the beginning of the SEC lawsuit, Ripple usually locks a significant amount of the coins after unlocking them from escrow. 

In most cases, out of the 1 billion XRP unlocked monthly by Ripple, the fintech company locks 800 million XRP.

The remaining coins are used to cater to the company’s day-to-day expenses, especially paying attorneys’ fees involved in the ongoing SEC lawsuit. 

Meanwhile, Ripple mentioned in its Q2 2022 financial report that it unlocked a total of 3 billion XRP in the second quarter of 2022, returning 2.3 billion XRP back to escrow. 

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Read More: 900 Million Ripple (XRP) Unlocked From Escrow Wallet  – The Crypto Basic

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