On October 1st, Ripple fulfilled its monthly tradition of unlocking 1 billion XRP from its escrow accounts, adhering to the scheduled release.
The 1 billion XRP was released in three separate transactions – 400 million XRP worth $205 million, 100 million XRP worth $51 million, and 500 million XRP worth $257 million.
Ripple introduced the escrow system in 2017 to bring stability to the XRP market. It locked up 55 billion XRP into escrows of 1 billion each, to be released monthly over 55 months. The last release is estimated to be in December 2023.
Typically, around 800 million XRP is returned to escrow while 200 million enters circulation. Over the past day, Whale Alert also tracked 75 million XRP shifted by Ripple to an unknown wallet.
XRP, the 5th largest cryptocurrency, is off to a positive start in October. It ended September slightly in the green despite some bearish signals. XRP was up 0.25% over 24 hours to $0.517 at press time.
Traders are hopeful for an “Uptober” rally. The monthly escrow unlocks provide regular liquidity into the market. With the SEC lawsuit still ongoing, the releases are being closely watched by XRP holders.
