Ripple Unlocks 1 Billion XRP Tokens from Escrow
Ripple Labs, a leading blockchain-based payment firm, has released 1 billion XRP tokens from its Escrow reserve as part of its monthly token release program. Recent reports from on-chain crypto tracker Whale Alert revealed the unlocking of these tokens. The first transaction released 200 million tokens worth $120.4 million, followed by a second transaction unlocking 300 million tokens worth $180.6 million. The final transaction unlatched 500 million XRP tokens valued at approximately $301 million. This brings the total value of the unlocked tokens to $610 million.
Routine Monthly Release with Token Retrieval
Ripple performs this monthly whale transaction on the first day of each month. However, it typically retrieves a significant portion of the released tokens shortly after. In November, the company took back 800 million XRP tokens, which was also the same amount retrieved in October. It remains to be seen if a similar amount will be taken back this month. After retrieving 80% of the tokens last month, Ripple sent the remaining 20% to another address for liquidity and day-to-day business operations.
XRP Listed on dYdX Chain
The dYdX team recently announced the addition of five new markets on its chain, including XRP. Participants in the cryptocurrency market can now trade XRP perpetual through the trading portal “dydx.trade.” The exchange allows leverage up to 10x and a minimum order size of 10 XRP.
Hot Take: Ripple Continues Monthly Token Release Program
Ripple Labs has unlocked another 1 billion XRP tokens from its Escrow reserve, following its routine monthly release program. The company released these tokens in three whale transactions, with a total value of $610 million. While Ripple typically retrieves a significant portion of the released tokens shortly after, it remains to be seen how many will be taken back this month. In addition, XRP has been listed on the dYdX chain, providing participants in the cryptocurrency market with more trading options. Overall, these developments highlight Ripple’s ongoing efforts to maintain liquidity and support the adoption of XRP.
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