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- According to Whale Alert, Ripple released its customary 1 billion XRP tokens from its escrow accounts.
- Whale Alert reported that Ripple released the 1 billion XRP tokens in three different tranches.
- The recent token unlock did not show any significant impact on the price of XRP.
According to Whale Alert, the crypto tracking platform, the fintech company Ripple released its customary 1 billion XRP tokens from its escrow accounts in the early hours of Friday, December 1, 2023. The recent release is part of a pre-scheduled token unlock designed to sustain the stability of the XRP market.
Ripple initially released 200 million XRP from escrow as part of a regular monthly exercise the company performs at the beginning of every month. It follows a system the fintech company introduced in 2017 when it set aside 55 billion XRP tokens released in installments.
Within seconds of the initial release of 200 million XRP, Ripple released the remaining 800 million tokens in two tranches of 500 million XRP, worth $301,009,952, and 300 million XRP, equivalent to $180,605,971, to complete its monthly allocation of 1 billion XRP released from escrow.
Notably, this monthly exercise by Ripple has become customary, and traders seem familiar with the process. Hence, the token unlock does not cause any unusual market behavior in price volatility.
Data from CoinMarketCap shows that the 5th-ranked altcoin by market capitalization has gained only 0.89% since the trading day opened. The price movement remained consistent with the current market conditions, suggesting the achievement of Ripple’s goal of maintaining price stability while releasing XRP tokens.CoinMarketCap’s data also showed that XRP traded for $0.6112 at the time of writing, having opened the trading day at $0.6060. The altcoin’s market cap stood at $32.92 billion, slightly increasing by 0.90%.
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