Ripple Labs, one of the world’s leading blockchain-based payment firms has unlocked yet another 1 billion XRP tokens from its Escrow reserve as part of its monthly token release program.
1 Billion XRP Unlocked By Ripple
Recent reports from leading on-chain crypto tracker Whale Alert revealed the 1 billion XRP tokens released today. The crypto tracker alerted the crypto community via X (formerly Twitter) as each whale transaction was made one after the other. According to the crypto tracker, the first whale transaction performed with the escrow account released a whopping 200 million tokens, valued at $120.4 million.
Following the alert, the second whale transaction saw an impressive 300 million tokens unlocked. This is worth approximately $180.6 million, and the transaction was made almost immediately after the first.
The last whale transaction from the escrow account unlatched a massive 500 million XRP tokens, which were worth approximately $301 million. With the current price of the digital asset, the 1 billion unlocked tokens are valued at $610 million.
The crypto firm performs this whale transaction every first day of each month. However, the crypto firm always takes back a significant portion of the 1 billion tokens shortly after releasing them. This has been a routine since Ripple started the escrow system.
The crypto company took back about 800 million XRP tokens after it unlocked the 1 billion tokens at the beginning of November. This was also the same amount of tokens that were removed in the month of October, which leaves the community wondering if the same amount will be taken back this month.
However, after Ripple took back 80% of the tokens last month, the remaining 20% was sent from the Ripple 22 address to Ripple 1. As it will remain liquid and be utilized by the crypto firm to run its day-to-day business.
So far, the crypto firm has not made any announcement yet regarding the 1 billion tokens. However, a significant portion will certainly be taken back by the firm.
Currently, the asset is sitting at approximately $0.609, indicating a 1% increase in the past 24 hours. Its market cap is valued at $32,859,271,275, representing the same percentage rise in the past 24 hours, according to CoinMarketCap.
The Crypto Asset Listed On Dydx Chain
On Thursday, November 30, the dYdX team announced the addition of five new markets in its chain, with XRP being one of the featured tokens. Other tokens include Tron (TRX), Cardano (ADA), Optimism (OP), and Uniswap (UNI).
Due to this, participants in the cryptocurrency market who desire to trade XRP perpetual can do so through the trading portal “dydx.trade.” Furthermore, the exchange permits the crypto asset’s leverage up to 10x, with a minimum order size of 10 XRP.
Featured image by iStock, chart by Tradingview.com
