1 billion XRP unlocked from escrow; Millions of tokens transferred by Ripple

1 billion XRP unlocked from escrow;  Millions of tokens transferred by Ripple
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According to crypto data tracker Whale alertRipple has unlocked another billion XRP from its escrow accounts.

Another scheduled release of 1 billion XRP tokens from Ripple’s escrow system occurred on October 1. Ripple does this on the first day of the month.

The release of one billion tokens was done in three transactions. A massive 400 million XRP tokens worth $205,914,675 were unlocked from Ripple’s escrow in the first transaction, followed by another 100 million or 500 million tokens worth $257,393,344 from Ripple escrow.

Ripple introduced the escrow system in December 2017 to bring stability to the XRP market. The company reserved 55 billion XRP in a series of escrows, each containing 1 billion XRP, which will be released monthly for 55 months. According to the estimated schedule, the final section could be released in December 2023.

Typically, approximately 800 million XRP is returned to escrow and locked until the following month, and approximately 200 million XRP is injected into the circulating supply.

In the last 12 hours, according to Whale Alert, Ripple also transferred 75 million XRP to an unknown wallet.

XRP, the fifth-largest cryptocurrency, appears to be off to a strong start in October. Currently, XRP is trading in the green as hopes for a positive uptober persist.

Surprisingly, despite profit-taking on the last day of September and the emergence of a bearish death cross signal, XRP ended the month in the green, albeit with a marginal 0.84% ​​gain.

XRP is up 0.25% in the last 24 hours to $0.517 at the time of writing.

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