Ripple swiftly reverts 800 million XRP to its escrow accounts, maintaining market stability after releasing 1 billion coins from escrow within 24 hours.
In a strategic move to uphold XRP market stability, Ripple has relocked 800 million XRP units in its escrow account. The prominent blockchain company executed this manoeuvre less than a day after unlocking 1 billion XRP from its escrow accounts.
Data extracted by Fxcryptonews from Whale Alert’s X handle reveals that Ripple relocked the 800 million XRP in two separate transactions, each containing 400M XRP.
Related article: Ripple Unleashes 1 Billion XRP in Escrow Account Unlocking Spree
Ripple Restores 800M XRP to Escrow
A detailed examination of XRP Scan data sheds light on how Ripple reinstated the 800M XRP coins into escrow.
Notably, the first 400M XRP coins were secured in escrow through one of Ripple’s addresses, identified as ‘Ripple 10.’ This action followed the receipt of 400M XRP by this address from two other addresses, Ripple 22 and Ripple 23, respectively.
Moreover, ‘Ripple 23’ transferred the remaining 400 million XRP to ‘Ripple 11’ and secured them in the company’s escrow account. At the time of these transactions, the total value of the locked 800M XRP amounted to approximately $476.86 million.
200M XRP Maintains Liquidity
These 200M XRP, valued at $120.8 million currently, will remain available for immediate use by Ripple in its day-to-day operations.
Related also: XRP Sees Price Surge: Is Smart Money in Control?
Ripple’s Escrow Now Holds 40.9B XRP
After the relocking of 800M XRP, Ripple’s escrow currently holds approximately 40.9 billion XRP. The leading blockchain company disclosed in its recently published Q3 report that it held about 41.3 billion XRP in escrow as of September 30.
Ripple has, up to this point, released 200 million XRP each for October and November 2023, maintaining a total of 40.9 billion XRP in escrow.
Ripple established the escrow system in December 2017, locking 55 billion XRP. The company programmed the escrow to release a minimum of 1 billion XRP every 55 months.
However, Ripple consistently employs a more conservative approach, returning 800M XRP to escrow for every 1 billion coins it releases.
The relocking of 800M XRP into escrow has had a positive impact on XRP’s price. Currently, XRP has risen by 1.13% over the past 24 hours, reaching $0.6068, according to CoinMarketCap data.