Ripple Locks Back 900 Million XRP Into Escrow Shortly After Releasing 1 Billion Tokens
According to data from cryptocurrency whale tracking service Whale Alert, Ripple recently transferred back 900 million XRP to its escrow account less than 24 hours after releasing 1 billion coins. This move follows Ripple’s standard procedure of releasing a portion of XRP tokens each month.
Following the initial release of 1 billion XRP, three transactions were detected by Whale Alert, involving the return of 200 million XRP, 300 million XRP, and 400 million XRP to the escrow wallet. The first transaction occurred at 20:18 (UTC), with Ripple locking back 200 million XRP worth $101.79 million.
The second transaction took place just 5 minutes later, involving the transfer of 300 million XRP valued at $152.7 million. Shortly after, Ripple conducted the third transaction, locking an additional 400 million XRP worth $204.18 million in escrow. This means that Ripple has locked back 90% of the 1 billion XRP coins it released.
It is important to note that this process is a routine procedure for Ripple, as the company typically locks a significant amount of the released XRP coins into escrow each month while utilizing the remaining tokens for business operations.
Last month, Ripple locked back 700 million XRP into escrow shortly after releasing 1 billion tokens for May. This strategy helps maintain XRP price stability amidst the ongoing SEC lawsuit.
Following the recent escrow operations, XRP has shown positive price momentum, experiencing a 2.3% gain in the past 24 hours and currently trading at $0.5189. Over the past week, XRP has recorded slight gains of over 11%.
The recent price surge has led some market observers to believe that investors are optimistic about Ripple’s chances of winning the SEC lawsuit. However, there is still no official date for the summary judgment decision.
Speculation suggests that the case might be concluded by the end of this month, although no official confirmation has been provided. Earlier reports highlighted supporting evidence shared by an XRP community member, contributing to the widespread speculation surrounding the lawsuit’s conclusion.
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