Whale Alert reported that Ripple had released XRP tokens from accounts labeled as “unknown”. Nonetheless, information from XRP explorer Bithomp revealed that the “unknown” accounts were in fact owned by Ripple.
XRP Token Unlock Details
Whale Alert reported that Ripple released 1 billion XRP tokens in three separate transactions. The first transaction saw 300 million XRP being unlocked, valued at a total of $121.62 million at midnight. Shortly afterwards, another 200 million XRP ($81.08M) were released from escrow.
It should be noted that Ripple sent two transactions, containing 500 million XRP, to one of its own addresses. The address currently has a total of 1 billion XRP tokens.
Additionally, Ripple unlocked another 500 million XRP coins from its secure storage account. At the time of the transaction, the 500 million XRP was worth approximately $200.7 million.
In contrast to the other two deals, Ripple sent the funds to a separate address belonging to the blockchain business. Information from XRP explorer Bithomp reveals that this address possesses 1 billion XRP now.
Ripple has typically secured a large percentage of the freshly issued tokens in its escrow account. On some occasions, it has put away no less than 80% of the recently released XRP coins in escrow, and allocated the remaining 20% to fund its daily activities.
Ripple has not taken any steps since it released 1 billion XRP from escrow. At present, these tokens have not been transferred to clients utilizing Ripple’s On-Demand Liquidity (ODL) solution, nor have they been sent to digital currency exchanges.
XRP Price Increase 4% in 24 Hours
The release of tokens recently has not affected the cost of XRP detrimentally. Data from Coingecko indicates that XRP is being bought and sold for roughly $0.403, representing an increase in value of 4% within the past day.
Ripple recently unveiled its “Q4 2022 markets report,” which revealed that the total amount of XRP sold during the fourth quarter of 2022 was around $2.9B, an increase of nearly $100M compared to the previous quarter.
