800 Million XRP Returns to Ripple Escrow After 1 Billion Unlock

800 Million XRP Returns to Ripple Escrow After 1 Billion Unlock
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Crypto Data Tracker Data Whale alert indicates that 800 million XRP have been locked again in Ripple escrow.

Yesterday, October 1, as reported, Ripple held its scheduled monthly release of 1 billion tokens from its escrow, which was launched in 2017, to achieve price stability for XRP.

The escrow system used by Ripple serves this purpose: it allows for a controlled and predictable distribution of XRP in the market. Instead of flooding the market with tokens, Ripple committed to releasing 55 billion XRP in monthly increments of 1 billion XRP within 55 months.

As usual practice, after the release of 1 billion each month, around 800 million XRP is returned to escrow and locked until the following month, with approximately 200 million XRP injected into the circulating supply.

Whale Alert reports the return of 800 million XRP tokens to Ripple escrow in three transactions. The first was 500 million tokens, or 500 million XRP, worth $257,857,157, locked back into escrow. The second and third transactions carried 200 million XRP worth $103,233,285 and 100 million XRP worth $51,617,381, respectively.

In the last 24 hours, according to Whale Alert, there was also a change of 28,500,000 XRP worth $14,739,997 moved from an unknown wallet to Bitstamp.

XRP Price Action

October, colloquially known as “uptober”, is traditionally a positive month for the price of Bitcoin and other cryptocurrencies. Since 2013, only two months have yielded negative monthly returns for Bitcoin, according to historical data.

That being said, expectations are quite high for the XRP price in October. At the time of writing, XRP was in the green, with a slight increase in the last 24 hours to $0.521.

Currently, the bulls are facing a barrier at the $0.523 mark, which coincides with the daily MA 200. This is an important resistance level to pay attention to, as a break above it would clear the way for a possible rally towards the much coveted $0.64 level.

On the other hand, XRP appears to be building support near $0.50 in case of price declines.

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